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During the company's annual shareholder meeting on Thursday, Twitter Inc. director Egon Durban, the co-Chief Executive Officer of private equity firm Silver Lake, did not receive enough votes to be re-elected to the board.

Durban's re-election had been recommended against by Institutional Shareholders Services Inc., an advisory group, because he sat on the boards of "more than five publicly-traded businesses."

Despite failing to earn a majority of shareholder votes, Durban may still be a Twitter director, according to Twitter's proxy statement. Before the vote, the corporation requires board nominees to submit a "irrevocable resignation," which would take effect if the person failed to earn shareholder approval and the board accepted the resignation. However, the board has the authority to reject the resignation, leaving the nominee as a director, according to the proxy statement.

A Twitter representative said, "Egon Durban has tendered his resignation to the board." "The Board's Nominating and Corporate Governance Committee will evaluate whether to recommend that the Board accept Mr. Durban's resignation as soon as possible and will give an update in due course," says the statement.

Former CEO Jack Dorsey did not run for re-election on Wednesday, and he is no longer a board member, effectively ending his formal association with the social network he co-founded in 2006. He has served on the board of directors since 2007, and most recently served as the CEO of Twitter from mid-2015 until his resignation last year.

It's hardly surprising that Dorsey didn't run for re-election to the board; he announced in November that he would step down as CEO and leave the board when his tenure expired. However, Dorsey's departure marks the first time in Twitter's history that none of the company's co-founders are still employed or on the board of directors.

Twitter shareholders voted on a variety of items on Wednesday, but none of them included the company's greatest change: a potential takeover by billionaire Elon Musk. In late April, the board of directors of Twitter accepted Musk's plan to take the firm private for $44 billion. The shareholder vote on whether or not to approve the purchase will be held at a later date that has yet to be determined.