Twitter (TWTR  ) co-founder and former CEO Jack Dorsey has left the company's board of directors, following through with an earlier announcement that he would not be seeking re-election this year.

Dorsey's departure isn't entirely surprising, his previous announcement aside. When resigning as CEO of the social media titan, Dorsey noted that tech firms keeping their founders as a central leader is "severely limiting" and creates a "single point of failure," hinting at the Twitter co-founder's growing distance from the company. Given the struggles of Amazon's (AMZN  ) Jeff Bezos and Meta's (FB  ) Mark Zuckerberg to maintain any semblance of a positive reputation and being constantly epitomized as the bellwether for the "evil billionaire," Dorsey's statement certainly seems to hold up to some degree.

On the inverse, despite a shareholder vote to remove Egon Durban, the embattled director will remain on the company's board. Co-CEO and managing director of equity firm Silver Lake, Durban has become the subject of ire among Twitter investors and was the target of a proxy effort by International Shareholder Services to prevent his re-election due to his presence on six other boards of directors. While Durban initially offered to resign following the vote, Twitter's board rejected his resignation letter, and Durban is expected to remain on the board for the time being.

"The Board considers Mr. Durban a highly effective member and believes that he brings to the Board an unparalleled operational knowledge of the industry, a unique perspective, and an invaluable skill set and experience with mergers and acquisitions," Twitter's directors wrote in a filing to the U.S. Securities Exchange Commission (SEC). "While the Board does not believe that Mr. Durban's other public company directorships will become an impediment if such engagements were to continue, Mr. Durban's commitment to reduce his board service commitment to five public company boards by the Remediation Date appropriately addresses the concerns raised by stockholders with regard to such engagements."

Despite the ongoing battle over Twitter's acquisition by Elon Musk and the filing of a class-action lawsuit against the billionaire over his apparent reneging of his offer, shares of the social media giant have been relatively steady this week. Twitter shares had gained 6.5% by 3 p.m. on Friday, holding onto the progress made during a Thursday rally as markets get ready to close for the week.