Photo: Seedcamp Photos
Union Square Ventures partner Fred Wilson and Spark Capital partner Bijan Sabet are leaving Twitter’s board.Since first relaying the news this morning, we’ve learned that the pair will step down at the end of this month.
We’ve also since talked to various sources close to all sides of the situation about why this happened.
Everyone wants to play nice.
Everyone says it has nothing to do with the fact that Fred and Bijan are the VCs who fired Twitter’s first CEO Jack Dorsey, who has since returned to a prominent role at the company.
These people agree that the decision was mutual, that it makes sense for both sides, and that it is part of the natural evolution of companies.
For Fred and Bijan the move is a good one because they are both paid to find early stage investments, not sit on the boards of soon-to-be public companies. Twitter is already a home run for them and they can afford to focus on startups that haven’t gotten there yet.
That said, Fred Wilson plans to continue spending a lot of time on Twitter – just not on the board.
For Twitter, moving Fred and Bijan off the board is important because the company needs the seats open so it can finish building a public company-ready board. It needs people on the board who can help the company scale in terms of management infrastructure, ad products, and governance.
These sources say Twitter’s latest round of financing provided a logical inflection point to make this change
Twitter declined to comment on this story other than to provide the following statement:
“Bijan Sabet and Fred Wilson both played important and greatly appreciated roles in our success. Both saw what Twitter could become before most anyone else. We look forward to their continued input as both investors in the company and passionate users of the product.”
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