Twitter, known as a social media giant, is governed by a board of directors, responsible for making strategic decisions for the company. In this article, we will explore the role of the board of directors at Twitter, its history, and the current members, as well as their executive bios. We will also examine the impact of the board on Twitter's business strategy, the challenges faced by its board members, and the importance of diversity on corporate boards.
Before we delve into the details of Twitter's board of directors, let us first clarify their role in the governance of the company. The board of directors is responsible for ensuring the company's success by making decisions that align with the interests of shareholders. They set the company's strategy, oversee its operations, and monitor its performance. Additionally, the board must establish ethical standards and promote a culture of integrity, promoting the company's reputation and ensuring its long-term success.
Another important responsibility of the board of directors is to hire and evaluate the CEO and other top executives. They must ensure that the leadership team has the necessary skills and experience to execute the company's strategy and achieve its goals. The board also sets the compensation and benefits for these executives, ensuring that they are aligned with the company's performance and industry standards.
Furthermore, the board of directors must be aware of and manage potential risks to the company. They must identify and assess risks such as cybersecurity threats, regulatory changes, and economic downturns, and develop plans to mitigate them. The board must also ensure that the company has adequate insurance coverage and contingency plans in place to address any unforeseen events that may impact the company's operations or reputation.
Twitter was founded in 2006, and its board of directors has evolved over the years. Its original board included co-founders Jack Dorsey, Evan Williams, and Biz Stone. However, as the company grew, its board expanded to include industry experts and investors. In 2016, Twitter made headlines when it underwent a significant board reshuffling, replacing several members, including Dick Costolo and Peter Currie.
Since the 2016 board reshuffling, Twitter's board of directors has continued to change. In 2018, former Google executive Omid Kordestani was appointed as the executive chairman of the board. Later that year, Patrick Pichette, the former CFO of Google, joined the board. In 2020, Twitter announced that it was adding two new members to its board, including Ngozi Okonjo-Iweala, a former finance minister of Nigeria and a former managing director of the World Bank. The addition of Okonjo-Iweala was seen as a significant step towards diversifying Twitter's board and bringing in more global perspectives.
Twitter's current board of directors consists of seven members, each bringing unique expertise to the company. Jack Dorsey, the co-founder of Twitter, has been on the board since its inception. Other members of the board include Bret Taylor, former CTO of Facebook, Patrick Pichette, former CFO of Google, and Martha Lane Fox, founder of Lastminute.com.
In addition to these members, Twitter's board also includes Debra L. Lee, former CEO of BET Networks, and Jesse Cohn, a partner at the hedge fund Elliott Management. Lee brings extensive experience in media and entertainment, while Cohn is known for his expertise in technology investments. Together, these seven board members work to guide Twitter's strategic direction and ensure the company's continued success.
Let us explore the executive bios of each of Twitter's board members in more detail.
Jack Dorsey is the co-founder of Twitter and the CEO of Square, a mobile payment company. He co-founded Twitter in 2006, served as CEO until 2008, and returned in 2015. Dorsey is known for his tech expertise and contributions in developing the company's initial product.
Bret Taylor, a former CTO of Facebook, is the co-founder and CEO of Quip, a productivity suite. He joined Twitter's board of directors in 2020, bringing experience in scaling high-growth companies and delivering innovative products.
Patrick Pichette is a former CFO of Google, where he worked for a decade and led several key initiatives. He joined Twitter's board in 2017, bringing financial expertise and a wealth of experience in scaling companies.
Martha Lane Fox is the co-founder of Lastminute.com, an online travel and leisure retailer. A prominent figure in the UK technology sector, she joined Twitter's board in 2020, bringing extensive experience in digital strategy and product development.
David Rosenblatt is CEO of 1stdibs, a global luxury marketplace of rare and desirable objects. He joined Twitter's board in 2011, bringing experience in scaling startups and leading digital advertising companies.
Jesse Cohn represents Elliot Management, a New York hedge fund, on Twitter's board. A prominent hedge fund investor, he focuses on public equities and bringing change to the companies he invests in.
Ego Dahan is a founding partner of the Par Capital Management hedge fund, which has been invested in Twitter since 2014. He brings experience in fund management, investing, and financial analysis.
Twitter's board of directors is responsible for overseeing the company's management and ensuring that it operates in the best interests of its shareholders. The board is made up of seven members, each with a unique set of skills and experiences that contribute to the company's success. In addition to their individual roles, the board members work together to set the company's strategic direction and ensure that it is meeting its goals and objectives.
The board plays a critical role in setting Twitter's strategic priorities and goals. They work with the CEO and management team to ensure that the company is well-positioned for growth, creating value for shareholders. The board's focus on strategy, innovation, and risk management ensures that Twitter's business evolves to meet the changing needs of its customers and market.
Additionally, the board is responsible for overseeing the company's financial performance and ensuring that Twitter operates in a responsible and ethical manner. They review financial reports, audit results, and compliance with legal and regulatory requirements. The board also plays a key role in selecting and evaluating executive leadership, ensuring that the company has the right people in place to execute its strategy and achieve its goals.
Board members must possess a range of skills and experiences that enable them to contribute to the company's success. A good board member brings diverse perspectives and expertise, understands the company's industry and market, and has a commitment to ethical behavior and integrity. Additionally, effective board members must possess strong communication skills, be open to feedback, and stay informed of changes in the industry.
Another important quality of a good board member is the ability to work collaboratively with other members. Board members must be able to work together to make decisions that benefit the company as a whole, rather than just their individual interests. This requires a willingness to listen to others, compromise when necessary, and maintain a respectful and professional demeanor during discussions and debates. A good board member also understands the importance of accountability and takes responsibility for their actions and decisions. By working together and being accountable, board members can help ensure the long-term success of the company.
The issue of diversity on corporate boards has gained significant attention in recent years, and Twitter is no exception. The company's board includes men and women from diverse backgrounds, including technology, banking, and entrepreneurship. However, the board's diversity could be improved, particularly regarding gender and ethnic diversity. In recent years, Twitter has made efforts to increase diversity on its board of directors, with the addition of Martha Lane Fox, a well-known advocate for diversity and inclusion.
Despite these efforts, Twitter's board still lacks representation from certain groups. For example, there are currently no Black or Latinx members on the board. This lack of diversity can have negative consequences, as it can lead to a lack of understanding and empathy for the experiences of underrepresented groups.
Twitter has acknowledged the need for greater diversity on its board and has committed to making changes. In addition to adding Martha Lane Fox, the company has also implemented a Rooney Rule, which requires that at least one woman and one underrepresented minority candidate be interviewed for every open board seat. While these efforts are a step in the right direction, there is still more work to be done to ensure that Twitter's board reflects the diversity of its user base and society as a whole.
There is a growing consensus among business leaders that board diversity is crucial for corporate success. Diverse boards bring a range of perspectives and experiences, enabling them to make better decisions. Additionally, creating a more diverse board and workforce can also improve a company's reputation and attract and retain top talent.
Like all boards of directors, Twitter's board faces challenges, including balancing the needs of shareholders and stakeholders, ensuring legal and ethical compliance, navigating rapidly changing market conditions, and managing corporate risk. Additionally, with the increased scrutiny of corporate governance in recent years, boards must also maintain transparency, accountability, and ethical behavior to promote trust in the company.
Boards of directors must meet a range of legal and ethical responsibilities, including oversight of the company's financial performance, ensuring legal compliance, and monitoring the company's social and environmental impact. Board members are held to high standards of ethical behavior, and any breach of those standards can lead to significant consequences for both the company and its directors.
The CEO is responsible for implementing the company's strategy and managing its day-to-day operations, while the board provides governance oversight. A strong relationship between the CEO and the board is crucial for success, with each party respecting the other's roles and working collaboratively to achieve the company's goals. The board must also provide feedback and hold the CEO accountable for meeting performance expectations.
The board of directors approves critical decisions, such as mergers and acquisitions, changes to the company's strategy, capital expenditures, and executive compensation. Before making any major decision, the board must evaluate the risks and benefits and ensure that the decision aligns with the company's long-term strategy and values. When making such choices, the board must consider the interests of shareholders, employees, customers, and other stakeholders.
As social media continues to change, Twitter's board of directors will face new challenges and opportunities. It is important that the board remains agile and flexible to adapt to the rapidly changing digital landscape. Looking forward, we can expect Twitter's board to continue to prioritize innovation, risk management, and diversity, ensuring the company's long-term success.
Twitter is not the only tech giant with a board of directors. Comparing Twitter's board to other companies' boards can offer useful insights into corporate governance practices and the qualities that make for effective board members. Twitter's board includes experts from a range of industries, bringing a range of perspectives and experiences.
Becoming a member of a corporate board is a prestigious achievement, but it requires a unique set of skills, experiences, and connections. Most board members have prior executive or board experience, possess significant industry expertise, and have had successful careers. Additionally, networking and building relationships with board members and CEOs can help position a candidate for board service.
In conclusion, Twitter's board of directors plays a crucial role in shaping the company's strategic direction, overseeing its operations, and ensuring ethical behavior. We have explored the history of Twitter's board of directors, the bios of its current members, and how the board affects Twitter's business strategy. We have also examined the challenges faced by its board members, the importance of diversity on corporate boards, and the legal and ethical responsibilities of the board of directors. Ultimately, Twitter's board of directors is essential to the company's success, ensuring that it continues to innovate and grow in a rapidly changing digital landscape.
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