Twilio to seek shareholder approval for new board director terms

(Reuters) - Cloud communications company Twilio said on Wednesday it will seek shareholder approval at its upcoming annual meeting to change its board director terms to one year from three.

If Twilio gets shareholder approval for the declassification of board, directors elected at the 2025 annual meeting and thereafter will be elected to one-year terms, the company said in a statement.

Twilio also said that board member Byron Deeter will not seek reelection as a director and will retire from the board prior to its 2024 annual meeting of shareholders.

The size of the board will be reduced back to nine directors after Deeter's retirement.

The company added Sachem Head partner Andy Stafman to its board on Monday, expanding the board to 10 people.

Twilio has come under pressure from activist investors including Legion Partners and Anson Funds. Both have been pushing the company to explore strategic alternatives, including divesting the data and applications business or selling the whole company.

(Reporting by Akanksha Khushi in Bengaluru; Editing by Subhranshu Sahu)