https://www.cnbc.com/2024/01/08/twilio-ceo-lawson-steps-down-after-bruising-activist-battles.html Skip Navigation logo * watchlive logo Markets * Pre-Markets * U.S. Markets * Currencies * Cryptocurrency * Futures & Commodities * Bonds * Funds & ETFs Business * Economy * Finance * Health & Science * Media * Real Estate * Energy * Climate * Transportation * Industrials * Retail * Wealth * Sports * Life * Small Business Investing * Personal Finance * Fintech * Financial Advisors * Options Action * ETF Street * Buffett Archive * Earnings * Trader Talk Tech * Cybersecurity * Enterprise * Internet * Media * Mobile * Social Media * CNBC Disruptor 50 * Tech Guide Politics * White House * Policy * Defense * Congress * Equity and Opportunity CNBC TV * Live TV * Live Audio * Business Day Shows * Entertainment Shows * Full Episodes * Latest Video * Top Video * CEO Interviews * CNBC Documentaries * CNBC Podcasts * CNBC World * Digital Originals * Live TV Schedule Watchlist Investing Club * Trust Portfolio * Analysis * Trade Alerts * Meeting Videos * Homestretch * Jim's Columns * Education * Subscribe * Sign In PRO * Pro News * Pro Live * Full Episodes * Stock Screener * Market Forecast * Options Investing * Subscribe * Sign In Menu * Make It * select + ALL SELECT + Credit Cards + Loans + Banking + Mortgages + Insurance + Credit Monitoring + Personal Finance + Small Business + Taxes + Help for Low Credit Scores + Investing + SELECT + All Credit Cards + Find the Credit Card for You + Best Credit Cards + Best Rewards Credit Cards + Best Travel Credit Cards + Best 0% APR Credit Cards + Best Balance Transfer Credit Cards + Best Cash Back Credit Cards + Best Credit Card Welcome Bonuses + Best Credit Cards to Build Credit + SELECT + All Loans + Find the Best Personal Loan for You + Best Personal Loans + Best Debt Consolidation Loans + Best Loans to Refinance Credit Card Debt + Best Loans with Fast Funding + Best Small Personal Loans + Best Large Personal Loans + Best Personal Loans to Apply Online + Best Student Loan Refinance + SELECT + All Banking + Find the Savings Account for You + Best High Yield Savings Accounts + Best Big Bank Savings Accounts + Best Big Bank Checking Accounts + Best No Fee Checking Accounts + No Overdraft Fee Checking Accounts + Best Checking Account Bonuses + Best Money Market Accounts + Best CDs + Best Credit Unions + SELECT + All Mortgages + Best Mortgages + Best Mortgages for Small Down Payment + Best Mortgages for No Down Payment + Best Mortgages with No Origination Fee + Best Mortgages for Average Credit Score + Adjustable Rate Mortgages + Affording a Mortgage + SELECT + All Insurance + Best Life Insurance + Best Homeowners Insurance + Best Renters Insurance + Best Car Insurance + Travel Insurance + SELECT + All Credit Monitoring + Best Credit Monitoring Services + Best Identity Theft Protection + How to Boost Your Credit Score + Credit Repair Services + SELECT + All Personal Finance + Best Budgeting Apps + Best Expense Tracker Apps + Best Money Transfer Apps + Best Resale Apps and Sites + Buy Now Pay Later (BNPL) Apps + Best Debt Relief + SELECT + All Small Business + Best Small Business Savings Accounts + Best Small Business Checking Accounts + Best Credit Cards for Small Business + Best Small Business Loans + Best Tax Software for Small Business + SELECT + All Taxes + Best Tax Software + Best Tax Software for Small Businesses + Tax Refunds + SELECT + All Help for Low Credit Scores + Best Credit Cards for Bad Credit + Best Personal Loans for Bad Credit + Best Debt Consolidation Loans for Bad Credit + Personal Loans if You Don't Have Credit + Best Credit Cards for Building Credit + Personal Loans for 580 Credit Score or Lower + Personal Loans for 670 Credit Score or Lower + Best Mortgages for Bad Credit + Best Hardship Loans + How to Boost Your Credit Score + SELECT + All Investing + Best IRA Accounts + Best Roth IRA Accounts + Best Investing Apps + Best Free Stock Trading Platforms + Best Robo-Advisors + Index Funds + Mutual Funds + ETFs + Bonds * USA * INTL * watchlive Search quotes, news & videos Watchlist SIGN IN logo Markets Business Investing Tech Politics CNBC TV Watchlist Investing Club PRO Menu Tech Twilio CEO Lawson steps down after bruising activist battles Published Mon, Jan 8 202410:17 AM ESTUpdated 2 Hours Ago thumbnail Rohan Goswami@in/rohangoswamicnbc/@rogoswami WATCH LIVE Key Points * Twilio founder Jeff Lawson on Monday said he would step down as CEO and board member at the enterprise communications software company, as the company continues to grapple with two activist investors. * Lawson will be replaced by Khozema Shipchandler, a longtime Twilio executive. * The move is unlikely to placate activists. In this article * TWLO Follow your favorite stocksCREATE FREE ACCOUNT Jeff Lawson, founder, CEO and chairman of Twilio, speaks at a press conference during the Mobile World Congress on March 1, 2017 in Barcelona, Spain Joan Cros Garcia/Corbis | Corbis News | Getty Images Twilio co-founder Jeff Lawson on Monday said he is stepping down as CEO of the enterprise communications software company. The move comes as Twilio grapples with two activist investors who have been pushing for significant changes. In a regulatory filing announcing the move, the company also said Twilio expected fourth-quarter revenue and income to come in above its prior guidance. Shares of Twilio closed up around 7% Monday on the news. "The time has come for me to pass the reins of this extraordinary company to a new CEO to lead Twilio through its next chapter," Lawson said in a blog post announcing the change. Khozema Shipchandler, a longtime Twilio executive, will assume the top role, effective Monday. Shipchandler will also take a board seat. Lawson will also step down from Twilio's board, where he had served as chairman. Jeff Epstein, a current board member and operating partner at Bessemer Venture Partners, will take the lead seat. "I am honored to step into the CEO role," Shipchandler said in a release. He also suggested the company would take a harder look at "underperforming" businesses, in line with what activists have been agitating for. Still, the move is not likely to stave off the activists at Anson Funds and Legion Partners. Both are pushing for the company to sell itself or completely divest its data and applications business, CNBC previously reported. Twilio has been working with bankers at Qatalyst Partners to fend off those activists, CNBC reported in December. "As we've previously discussed with Twilio's Board of Directors, we believe Founder Jeff Lawson's departure from the company would be a step in the right direction and are pleased with the leadership change announced today," said Anson Funds portfolio manager Sagar Gupta. Gupta helped build Legion Partners' stake in Twilio in 2023, people previously told CNBC, and amassed a fresh stake at Anson Funds when he joined the activist fund that fall. "That said, we believe that more actions are needed to maximize value for shareholders. We look forward to continuing to engage with Twilio's Board and management team going forward," he added. Shipchandler's appointment comes after the company cut employees in multiple rounds of restructuring. The most recent restructuring, focused on the company's data and applications business, saw 5% of employees laid off. Still, a person familiar with Legion Partner's thinking told CNBC at the time that more fundamental changes were needed to put the company on the right track. Shipchandler served as Twilio's chief financial officer and as chief operating officer before taking over the company's crucial communications division in a corporate restructuring. He joined Twilio in 2018. Legion Partners did not immediately respond to CNBC's request for comment. Don't miss these stories from CNBC PRO: * There's one stock Wall Street loves so much for 2024 that five analysts in one day picked it as their favorite * Morgan Stanley names its top stocks for 2024, including this streaming giant * Investing tips from Warren Buffett to start the new year on the right foot * Goldman sees a 50% gain ahead for this Chinese electric vehicle stock, initiates with buy rating * 'Twice as cheap': These stocks' discount to the S&P 500 is double its average, Ritholtz's Brown says logo * Subscribe to CNBC PRO * Subscribe to Investing Club * Licensing & Reprints * CNBC Councils * Select Personal Finance * CNBC on Peacock * Join the CNBC Panel * Supply Chain Values * Select Shopping * Closed Captioning * Digital Products * News Releases * Internships * Corrections * About CNBC * Ad Choices * Site Map * Podcasts * Careers * Help * Contact * * * * * * * News Tips Got a confidential news tip? We want to hear from you. Get In Touch Advertise With Us Please Contact Us CNBC Newsletters Sign up for free newsletters and get more CNBC delivered to your inbox Sign Up Now Get this delivered to your inbox, and more info about our products and services. Privacy Policy|California Consumer Privacy Act (CCPA) Opt-Out Icon|CA Notice|Terms of Service (c) 2024 CNBC LLC. All Rights Reserved. A Division of NBCUniversal Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Market Data Terms of Use and Disclaimers Data also provided by Reuters comscore