BURBANK, Calif. December 23, 2013—The Walt Disney Company (NYSE: DIS) Board of Directors has elected Jack Dorsey, chairman of Twitter Inc. and CEO of Square Inc., as an independent director, effective immediately.
“Jack Dorsey is a talented entrepreneur who has helped create groundbreaking new businesses in the social media and commerce spaces,” said Robert A. Iger, Disney’s chairman and chief executive officer. “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.”
“I am honored and humbled to join the Disney Board,” Mr. Dorsey said. “Disney is a timeless company, one we all grow up learning from and admiring.”
Mr. Dorsey is the co-founder of Twitter, the social networking and microblogging service that allows users to create and share ideas and information instantly via messages of 140 characters or less. Mr. Dorsey posted the world’s first Tweet–“just setting up my twttr”—on March 21, 2006, and since then Twitter has grown to include more than 230 million monthly active users worldwide who create about 500 million Tweets every day. Prior to becoming Twitter’s chairman in 2008, Mr. Dorsey was president and chief executive officer.
Mr. Dorsey is also chief executive officer of Square, a commerce company he co-founded in 2009. Headquartered in San Francisco, Square provides innovative products and services for local businesses including a mobile credit card reader, an iPad point-of-sale system, an online marketplace, and a wallet application that allows consumers to make payments using their mobile devices.
Mr. Dorsey attended New York University and Missouri University of Science and Technology.
Mr. Dorsey will stand for election along with the company’s other directors at the annual meeting on March 18, 2014. Pursuant to the tenure policy in the company’s corporate governance guidelines that limits board service to 15 years, Judith L. Estrin will not be standing for re-election.
“Judy has served Disney shareholders incredibly well during her 15 years of service, and we will miss having her on the Board,” Mr. Iger said. “Her insight and advice on technological innovation and our business, as well as her passion for excellence, have been invaluable to me.” Ms. Estrin, who has co-founded eight technology companies and served as chief technology officer and senior vice president of Cisco Systems Inc., is chief executive officer of JLABS, LLC, a privately held company focused on furthering innovation in business, government and nonprofit organizations.
About The Walt Disney Company:
The Walt Disney Company, together with its subsidiaries and affiliates, is a leading diversified international entertainment and media enterprise with five business segments: media networks, parks and resorts, studio entertainment, consumer products and interactive. Disney is a Dow 30 company and had annual revenues of $45 billion in its Fiscal Year 2013.