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Filing Shows Twitter CEO Jack Dorsey to Continue Forgoing Compensation

April 7, 2017, 10:17 PM UTC
Annual Allen And Co. Investors Meeting Draws CEO's And Business Leaders To Sun Valley, Idaho
SUN VALLEY, ID - JULY 6: Jack Dorsey, co-founder and chief executive officer of Twitter, attends the annual Allen & Company Sun Valley Conference, July 6, 2016 in Sun Valley, Idaho. Every July, some of the world's most wealthy and powerful businesspeople from the media, finance, technology and political spheres converge at the Sun Valley Resort for the exclusive weeklong conference. (Photo by Drew Angerer/Getty Images)
Drew Angerer/Getty Images

Twitter’s chief executive, Jack Dorsey, continued to forego direct compensation and Peter Fenton, a board member since 2009, will leave after the company’s annual meet in May, a regulatory filing showed on Friday.

Fenton, who is a partner at venture capital firm Benchmark Capital, will not seek re-election after his term expires, the microblogging site said in the filing.

CEO Jack Dorsey’s 2016 total compensation, which excluded salary, bonus and stock and option awards, was $56,551 in 2016, compared with $68,506 in 2015, according to the filing.

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Anthony Noto, who took over as chief operating officer from Adam Bain in November, received total compensation of $23.8 million in 2016, compared with $401,281 in 2015.

Noto is also the company’s chief financial officer.

Twitter (TWTR) has been struggling to return to profitability and in the fourth quarter posted the slowest revenue growth since it went public four years ago.