Disney’s growing presence as a media powerhouse has caused some complications for current board of directors members Sheryl Sandberg and Jack Dorsey. Conflicts of interest have become too prevalent for Dorsey, CEO of Twitter, and Sandberg, COO off Facebook; neither will be seeking re-election when voting takes place at the annual shareholder’s meeting on March 8th.
A statement by Disney explained, “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.”
Two additional board members are also slated to step down: Orin Smith has hit the board’s age of retirement and Robert Matschullat has served 15 years, the maximum term length for board members.
The board has already settled on two replacements, however, as Safra Catz and Francis deSouza have been designated as joining members. Catz is co-CEO of Oracle; deSouza is CEO of Illumina. Disney CEO Bob Iger will continue to serve as chairman.
Source: Variety
Images: Sandberg By World Economic Forum from Cologny, Switzerland [CC BY-SA 2.0 (https://creativecommons.org/licenses/by-sa/2.0)], via Wikimedia Commons; Dorsey By Andrew Mager [CC BY-SA 2.0 (https://creativecommons.org/licenses/by-sa/2.0)], via Wikimedia Commons
