Sheryl Sandberg, Jack Dorsey Won't Seek Re-Election to Disney Board

Facebook COO Sheryl Sandberg and Twitter CEO Jack Dorsey will be exiting the board of directors at Walt Disney Co., the company revealed in a regulatory filing Friday.

When a new board is voted in at the annual shareholders meeting March 8th, neither will seek re-election–a reflection of the growing potential for a conflict of interest between Disney and their respective companies as the lines blur between media and technology.

“Given our evolving business and the businesses Ms. Sandberg and Mr. Dorsey are in, it has become increasingly difficult for them to avoid conflicts relating to board matters,” read a statement issued by a Disney representative.

Their departures won’t be the only changes to the board next year. Lead independent director Orin Smith will exit because he has hit the board’s retirement age. Another board member, Robert Matschullat, will also step down having served the maximum 15-year term limit.

Two new members of the Disney board have already been designated. Oracle co-CEO Safra Catz and Illumina CEO Francis deSouza will join the board next month. Without Sandberg and Dorsey, that would bring the Disney board to 10 members.

The company’s CEO, Bob Iger, will continue to serve as chairman of the board.

Let’s block ads! (Why?)



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *