Sept. 16 (Bloomberg) -- Twitter Inc. directors Fred Wilson and Bijan Sabet, who backed the company as venture capitalists, are stepping down from the board in the latest reshuffling at the social-networking service.
The departures follow an expansion of the board late last year, when Twitter added Mike McCue, chief executive officer of tablet-application company Flipboard Inc., and David Rosenblatt, formerly head of display advertising at Google Inc. -- changes made as part of an investment by Kleiner Perkins Caufield & Byers. Wilson is a managing partner of Union Square Ventures, while Sabet is a general partner at Spark Capital.
“Bijan Sabet and Fred Wilson both played important and greatly appreciated roles in our success,” Twitter said in an e-mail. “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.”
Twitter has rejiggered management in the past year as the company builds an adverting business and copes with competition from Facebook Inc. and Google. Dick Costolo, a former Google executive, took the CEO job in October, and Jack Dorsey, a Twitter co-founder and former CEO, assumed the role of executive chairman this year. In June, co-founder Biz Stone announced that he’s stepping away from day-to-day duties to join Evan Williams, another co-founder, in a new venture.
Twitter said in August it had raised a new round of funding from DST Global, along with several past investors, without giving details. The San Francisco-based company aimed to raise about $800 million and was looking to use half the money to buy back shares from employees and earlier backers, people with knowledge of the plan said at the time. The investment values the short-messaging service at $8 billion, the people said.
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