×

Disney Appoints Twitter’s Jack Dorsey to Board

Current board member Judy Estrin will leave in 2014 because of Mouse House's 15-year term limit on directors

The Walt Disney Co. elected Jack Dorsey, chairman of Twitter and CEO of Square, as an independent director to its board effective immediately.

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.

More Digital

  • Van Weezer

    Weezer Debuts Online Video Game as Throwback to Simpler Times -- And Album Promo

    Eight-bit diehards, get your thumbs ready: pop rock darlings Weezer have launched a nostalgia-heavy online side-scrolling action game, playable via web browsers.  The “The End of the Game” game has users playing as one of the band’s four members and jumping and shooting their way in a (surprisingly difficult) boss fight against an oversized, beanie-clad [...]

  • Google-Mountain-View-Calif

    Google Commits $800 Million, Mostly in Ad Credits, to Coronavirus Relief Efforts

    Google and parent Alphabet are pitching in to help small businesses, health organizations and governments dealing with the COVID-19 pandemic. The internet company has earmarked more than $800 million for coronavirus relief, about three-fourths of which ($610 million) is in the form of Google Ad credits to small and midsize businesses and governmental orgs, Alphabet [...]

  • Why Are Music Streams Down If

    Why Are Music Streams Down If Everyone's Stuck at Home? Experts Weigh in

    While it might seem counterintuitive that music streams would decline at a time when so many Americans were ordered to stay home, data-savvy label executives were neither startled nor concerned by the 7.6% drop in plays that happened in the March 13-19 tracking week. Simply put, they say it’s down to focus on news and [...]

  • MipTV Online Plus Initiative Launches

    MipTV Online Plus Features Showcases, Pitches, Presentations

    Reed Midem launches its MipTV Online Plus initiative Monday as a digital alternative to the conference that was scheduled to open on the same day in Cannes, but it includes many of the elements that were planned for the physical event. Among the streamed sessions on Monday morning (Paris time) will be the invitation-only Drama [...]

  • Marlina the Murderer in Four Acts

    WarnerMedia and Sony-Backed Asian Streamer Hooq Files For Liquidation

    Hooq, the multi-territory streaming service in Asia backed by WarnerMedia and Sony, filed Friday for voluntary liquidation in Singapore. In recent weeks it had been reported that the company had failed to make full remittances to some of its in-production original series. The company was started in 2015 and remains majority controlled by Singaporean phone [...]

More From Our Brands

Access exclusive content