- Facebook COO Sheryl Sandberg and Twitter CEO Jack Dorsey are stepping down from The Walt Disney Co. board, the company announced on Friday
- The exits are due to potential conflicts as Disney, Facebook and Twitter delve into video programming
- The company announced that independent director Orin Smith and Private investor Robert Matschullat are also leaving because of term and age limitations
- Oracle co-CEO Safra Catz and Illumina CEO Franis deSouza will join the board next month
- CEO Bob Igler will continue to serve as chairman of the Disney board
The Walt Disney Co. will be losing two of its board members, the company announced Friday in a securities filing.
Sheryl Sandberg, the chief operating officer of Facebook, and Jack Dorsey, the CEO of Twitter, are stepping down and won’t seek re-election at the company’s meeting next month.
Disney said the reasoning behind their departures are due to potential conflicts of interest that may arise as media and technology continue to merge.
‘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,’ Disney said.
Facebook COO Sherly Sandberg won’t be seeking re-election on the Walt Disney Co. board
Jack Dorsey, the CEO of Twitter, is also stepping down from Disney’s board
Neither has addressed their departure.
Disney has begun to delve into video programming, an area that Twitter and Facebook are also branching into.
Dorsey’s company announced last year video streaming partnerships with 16 media companies, which included some of Disney’s competitors.
The company also has a partnership with the NFL to air a 30-minute live show during the football season. This is a big deal to Disney, who owns ESPN.
Facebook also streamed 15 college football games last year as part of a deal with Stadium.
Sandberg and Dorsey’s exit won’t be the only change to Disney’s board. The company announced that independent director Orin Smith is stepping down because he reached the board’s retirement age.
Disney said Friday that Sandberg and Dorsey are exiting because of a’conflicts relating to board matters’
Private investor Robert Matschullat is also leaving after having served the board’s maximum 15-year limit.
Two new members will step. Oracle co-CEO Safra Catz and Illumina CEO Franis deSouza will join the board next month.
CEO Bob Igler will continue to serve as chairman of the board.