Twitter's Jack Dorsey forgoes compensation; long-time board member to leave

CEO Jack Dorsey's 2016 total compensation was $56,551 in 2016, compared with $68,506 in 2015

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.

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