Facebook Inc.’s Sheryl Sandberg and Twitter Inc.’s Jack Dorsey are stepping down from Walt Disney Co.’s board because the growing competitors between media and know-how corporations creates new conflicts.
Sandberg, Facebook’s chief working officer, and Dorsey, Twitter’s chief government officer, aren’t operating for re-election on the annual assembly scheduled for March eight, in line with a Disney submitting Friday. Orin Smith, the 75-year-old lead impartial director, and Robert Matschullat, 70, additionally received’t stand for re-election due to time period and age limits for board members.
“Given our evolving enterprise and the companies Ms. Sandberg and Mr. Dorsey are in, it has change into more and more tough for them to keep away from conflicts referring to board issues,” Disney mentioned in an announcement.
The modifications will depart the Disney board with one fewer director than final yr as the corporate pursues its proposed $52.four billion acquisition of most of 21st Century Fox Inc. As the leisure trade continues to consolidate and the worlds of Silicon Valley and Hollywood merge, Disney’s board has at occasions discovered itself having to take care of conflicts of curiosity.
Two years in the past Disney pursued an acquisition of Twitter, Dorsey’s firm. Twitter and Facebook have additionally bid on and received the rights to stream reside sporting occasions, a bedrock enterprise for Disney and its ESPN community.
Facebook has escalated efforts round video programming, a profitable development space for the corporate’s promoting enterprise, which introduced in $10.1 billion final yr. Twitter, too, has made extra forays into video. Dorsey’s agency introduced video streaming partnerships in May with 16 media corporations, together with some Disney opponents. Twitter additionally has a partnership with Bloomberg LP.
Disney maintained ties to the tech world via its board after the dying of Apple Inc. co-founder Steve Jobs, as soon as the corporate’s largest shareholder. The leisure big named two members to its board in December, tapping CEOs from the software program and biotech industries.
Safra Catz, co-CEO of software program big Oracle Corp., and Francis Desouza, head of Illumina Inc., will be part of the board on Feb. 1. General Motors Co. CEO Mary Barra grew to become a Disney director in August.
Disney’s board prolonged CEO Bob Iger’s contract final month for yet one more two years, in reference to the proposed Fox acquisition. The 66-year-old is now scheduled to go away the corporate in 2021, the fourth time the corporate postponed his deliberate retirement date.
— With help by Mark Bergen