Apple boss re-elected by Disney
Source: Agencies |
March 25, 2011, Friday
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Print Edition
Print Edition
SHAREHOLDERS of The Walt Disney Co re-elected its entire board, including Apple Inc CEO Steve Jobs, despite concerns over his health and his poor attendance at company board meetings.
Proxy advisory firm Glass Lewis & Co had recommended voting against Jobs' re-election because he failed to attend 75 percent of the board meetings in fiscal 2010. Jobs became Disney's largest shareholder after the company purchased Pixar Animation Studios in 2006 for US$7.4 billion in stock. Jobs, who bankrolled Pixar when it was a fledgling movie house, now holds a 7.3 percent stake in Disney.
After the vote on Wednesday, Disney said that it "considers itself fortunate to have Steve Jobs as a member of its board of directors."
Jobs has had a significant influence on Disney's digital strategy - as evidenced by its many iPad applications. CEO Bob Iger also cited Jobs' help in pushing the firm to come up with a message for its Disney Stores. It ended up focusing the stores on offering "the best 30 minutes of child's play."
The annual shareholders meeting finished on Wednesday in Salt Lake City. Disney shares rose 72 cents, or 1.7 percent, at US$42.16 in afternoon trade.
Proxy advisory firm Glass Lewis & Co had recommended voting against Jobs' re-election because he failed to attend 75 percent of the board meetings in fiscal 2010. Jobs became Disney's largest shareholder after the company purchased Pixar Animation Studios in 2006 for US$7.4 billion in stock. Jobs, who bankrolled Pixar when it was a fledgling movie house, now holds a 7.3 percent stake in Disney.
After the vote on Wednesday, Disney said that it "considers itself fortunate to have Steve Jobs as a member of its board of directors."
Jobs has had a significant influence on Disney's digital strategy - as evidenced by its many iPad applications. CEO Bob Iger also cited Jobs' help in pushing the firm to come up with a message for its Disney Stores. It ended up focusing the stores on offering "the best 30 minutes of child's play."
The annual shareholders meeting finished on Wednesday in Salt Lake City. Disney shares rose 72 cents, or 1.7 percent, at US$42.16 in afternoon trade.
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