Jack Dorsey: Twitter CEO seals deal to be kept in office; cancels African trip
- A new deal would keep Jack Dorsey as Chief Executive officer of Twitter following attempts to remove him from office
- The Paul Singer-led Elliot Management sought to remove him because Dorsey also serves as the CEO of Square
- Per the new arrangement, Dorsey would cancel his trip to Africa
- Twitter is also set to have two new board members
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Information available to YEN.com.gh shows that Jack Dorsey would remain in office as the chief executive officer (CEO) of Twitter Inc.
This follows a deal struck with an activist investor known as Elliot Management.
YEN.com.gh earlier reported that the Paul Singer-owned Elliot Management was campaigning for Dorsey’s exit.
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Part of the reason was the fact that Dorsey also served as the CEO of Square.
Per a report by Business Insider, the new deal would also mean that Dorsey would no longer be coming to Africa.
The Twitter CEO earlier announced a planned trip to the continent as he believed it would play a crucial role in Twitter’s operations in the future.
The deal to keep Dorsey in office was reached after it was announced that reports from Bloomberg and CNBC suggested Elliott was looking to oust Dorsey as CEO.
Twitter would also receive a $1 billion investment from Silver Lake as part of the deal.
This would automatically give seats on its board to the investment firm's co-CEO, Egon Durban, and an Elliott partner, Jesse Cohn.
In other news, Visa has partnered with Nigerian startup, Paga, to provide financial payment systems and technological solutions in Africa and abroad.
YEN.com.gh understands that Paga, which was started in Lagos, grew its business to cover the West African sub-region before heading to Ethiopia and Mexico.
Per a report by techcrunch, Paga has created a multi-channel network that caters for 14 million customers in Nigeria alone.
The system provides a means to transfer money, pay-bills and buy things digitally through its mobile-app or 24,840 agents.
With the new system, account holders of Paga are able to conduct business on the global network that Visa provides.
The collaboration is aimed at giving Visa the opportunity to expand its operations in Africa as it works with the top startups in Africa.
The partnership would not involve investment in Paga but the move would lead to larger payment volumes for both companies.
According to Paga’s Tayo Oviosu, the company would launch QR codes and payment systems into the market in Nigeria.
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Source: YEN.com.gh
