Current board member Judy Estrin will leave in 2014 because of Mouse House's 15-year term limit on directors
Disney chairman and CEO Robert Iger called the 37-year-old Dorsey “a talented entrepreneur who has helped create groundbreaking new businesses in the social media and commerce spaces” in announcing the appointment.
“The perspective he brings to Disney and its board is extremely valuable, given our strategic priorities, which include utilizing the latest technologies and platforms to reach more people and to enhance the relationship we have with our customers,” Iger said in a statement.
Dorsey commented, “I am honored and humbled to join the Disney board. Disney is a timeless company, one we all grow up learning from and admiring.”
Also Monday, Disney filed its annual proxy statement, which disclosed Iger’s 2013 compensation was $34.3 million, down 15% from $40.2 million last year. The topper’s cash bonus was approximately $3 million less in 2013 because Disney “did not overperform” on financial targets, while a discount rate decreased the value of Iger’s pension benefit by $3.1 million.
Dorsey posted a quote from Walt Disney on Twitter — the 140-character messaging service he co-founded in 2006 — shortly after the announcement naming him to the board:
Dorsey will be up for election along with Disney’s other directors at the conglom’s annual meeting on March 18, 2014.
Disney now has 11 board members, including Dorsey. However, the company said current board member Judy Estrin will not be standing for re-election, citing a term limit of 15 years for board members. Estrin, former chief technology officer of Cisco Systems, is currently CEO of JLabs, a privately held company focused on “furthering innovation” in business, government and nonprofit organizations.
Dorsey was named Twitter’s chairman in 2008, after serving as president and CEO. Twitter launched a successful IPO last month, raising $1.8 billion. Current Twitter CEO Dick Costolo, a former Google exec, took over the top job in 2010.
In 2009, Dorsey co-founded e-commerce startup Square, which provides independent businesses payment solutions including a mobile credit-card reader.