Twilio (TWLO) Announces Retirement of Byron Deeter and Board Declassification

Twilio (NYSE: TWLO), the customer engagement platform that drives real-time, personalized experiences for today’s leading brands, today announced that Byron Deeter, who has served on the company’s Board of Directors since 2010, will not seek reelection as a director and will retire from the Board prior to the company’s 2024 Annual Meeting of Shareholders (“Annual Meeting”). The size of the Board will be reduced back to nine directors, effective as of Mr. Deeter’s retirement.

“On behalf of the Twilio Board, I’d like to thank Byron for his invaluable contributions over the past fourteen years,” said Khozema Shipchandler, CEO of Twilio. “Byron was one of Twilio’s first investors, and our Board and shareholders have greatly benefited from his financial expertise and his extensive knowledge of the SaaS and cloud technology industry. He helped guide the company from our earliest stages of growth to become the leading customer engagement platform. We are extremely grateful to Byron for his dedication to Twilio.”

The company also announced that it will be seeking shareholder approval at the upcoming Annual Meeting for the declassification of the Board. If shareholder approval is obtained, directors elected at the 2025 Annual Meeting and thereafter will be elected to one-year terms.

“The Twilio Board is committed to upholding strong corporate governance practices,” said Jeff Epstein, Chair of the Twilio Board. “The decision to seek shareholder approval to declassify the Board is one that we’ve been considering for some time and is reflective of the meaningful engagement we’ve had with our investors. This change builds on the sunsetting of the company’s dual class share structure last year, and the separation of the Chair and CEO roles earlier this year. Our Board will continue to act in the best interests of Twilio and all shareholders.”

"Working with Jeff, Khozema, and the entire Twilio team and Board has been an absolute thrill,” said Byron Deeter. “After fourteen wonderful years I look forward to focusing my time on finding the next great software and AI companies on behalf of my partners at Bessemer Venture Partners, and my upcoming Chairmanship at the National Venture Capital Association. I will remain a close friend and enthusiastic supporter of Twilio as they continue to lead in this revolution in communications and AI ahead.”

Additional information about these changes can be found in a Form 8-K that the company will file with the Securities and Exchange Commission.

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