Facebook's Sheryl Sandberg, Twitter's Jack Dorsey to leave Disney
Facebook COO Sheryl Sandberg and Twitter CEO Jack Dorsey will no longer serve as Disney's board members. As the social media giants foray into the entertainment business, the increasing competition is creating newer, unavoidable conflicts. The two therefore won't run for re-election at Disney's annual meeting in March. Sandberg has been with Disney's board since 2010 and Dorsey since 2013. Read on for more.
Facebook, Twitter emerging threats to Disney?
Tech and entertainment industries have been converging increasingly. Facebook-Twitter recently won the rights to live stream sport events, earlier the undisputed territory of Disney's ESPN network. Facebook has also launched "Watch", a tab that streams live and recorded videos. Its video programming/advertising business reportedly earned $10.1 billion in 2017. Twitter in 2017 announced video tie-ups with 16 media houses, threatening several Disney's partnerships.
Disney's official statement
In a statement issued by a spokesperson, Disney said: "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." Twitter and Facebook haven't commented as yet.
After multiple entries and exits, Disney's new board
It's not just Sandberg and Dorsey who are leaving Disney. Orin Smith, 75, and Robert Matschullat, 70, are also stepping down because of company's term/age limits. Meanwhile, Disney has tapped software and biotech executives to join in. Mary Barra, General Motors CEO, was appointed director in August. Safra Catz, Oracle's co-CEO, and Francis Desouza, Illumina's chief, will become board members on February 1.
Disney extends its CEO's tenure for the fourth time
Disney has notably extended its 66-year-old CEO Bob Iger's tenure for another two years, postponing his retirement for the fourth time. Iger will now leave the entertainment giant in 2021 after supervising its proposed $66 billion acquisition of a majority of 21st Century Fox.