Disney Adds Twitter Co-Founder Jack Dorsey to Board
UPDATED: The company also announces that CEO Bob Iger's compensation fell 14.7 percent to $34.3 million.
The Walt Disney Co. said Monday that Twitter chairman Jack Dorsey has joined the conglomerate's board of directors.
Disney made the disclosure in a regulatory filing that also included CEO Bob Iger's fiscal 2013 compensation, which fell 14.7 percent to $34.32 million.
The company stressed in its filing that Iger's compensation in recent years has been "at or below the median of peers" in the industry, the exception being in fiscal 2012 when he earned $40.23 million.
As for Dorsey, more than seven years ago he co-founded Twitter, the social-media phenomenon that recently went public, and on Monday its stock jumped 8 percent to $64.54.
On March 21, 2006, Dorsey, in fact, posted the world's first tweet, which read: "Just setting up my twttr." The company now has 230 million active users who create 500 million tweets per day.
Dorsey also is CEO of Square Inc., a commerce company he founded in 2009.
Disney board member Judith Estrin will not stand for re-election, Disney said in its filing, because she is being tenured out after 15 years on the board.
Besides Dorsey and Estrin, the Disney board consists of: Iger, Susan Arnold, John Chen, Fred Langhammer, Aylwin Lewis, Monica Lozano, Robert Matschullat, Sheryl Sandberg and Orin Smith. Disney said in its filing Monday that it recommends the board -- minus Estrin -- be re-elected at the company's annual meeting of shareholders, which is set for March 18, 2014, in Portland, Ore.
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