Economy

Sandberg, Dorsey will not seek re-election to Disney board

Sandberg, Dorsey will not seek re-election to Disney board”

Facebook Inc Chief Operating Officer Sheryl Sandberg and Twitter Inc Chief Executive Jack Dorsey will step down from the Walt Disney Co board of directors in March.

DIS proposed a slate of 10 directors in its annual proxy filing, and neither Sandberg nor Dorsey were included.

A Disney spokesperson says it has become "increasingly hard for them to avoid conflicts relating to board matters". "Matschullat and Smith will be departing pursuant to company policies that limit board service to 15 years and set the retirement age at 74, respectively", the spokesperson was quoted as saying.

The changes would leave the Disney board with one fewer director than a year ago as it pushes its proposed $52.4-billion acquisition of most of 21st Century Fox Inc.

Читайте также: Analyst Forecast Changes: Western Gas Partners, LP (WES)

The CEO of Twitter and COO of Facebook are leaving Disney's board due to conflicts of interest, as Disney gears up to launch a digital streaming service to rival Netflix.

Facebook also pushed video, including debuting its "Watch" feature in August previous year. Twitter, too, has made more forays into video.

For years, companies like Facebook and Twitter have insisted that they are technology firms rather than traditional media companies. Twitter also has a partnership with Bloomberg LP.

At the same time, Disney is becoming more like a tech company. The entertainment giant named two members to its board in December, tapping CEOs from the software and biotech industries.

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