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Steve Jobs expected to remain on Disney Board

post #1 of 11
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According to a person familiar with the matter, Steve Jobs will remain on the board of directors of Walt Disney Co. even after resigning as CEO from Apple.

Bloomberg cited a tipster who said that Jobs' status on the Disney Board will go unchanged. Jobs joined the company's board in 2006 as part of the $7.4 billion acquisition of Pixar. He is also the media company's largest shareholder with a 7.4 percent stake.

He held onto his spot as a director during his most recent medical leave. In March, a federation of labor unions opposed Jobs' reelection to the media conglomerate's board because of absenteeism from the company's board meetings.

A prominent shareholder advisory firm also questioned whether he was fit to continue as a director. Jobs poor attendance in three of the past four years, and recent leave of absence from his primary employer, raises questions about his ability to fulfill his responsibilities as a director of the company, Institutional Shareholder Services wrote in a recommendation to shareholders.

In spite of the opposition, 74 percent of Disney shareholders voted to keep the same 12-member board, including Jobs, this spring.



Jobs announced his resignation as CEO in a letter late Wednesday, though he asked to stay on as Chairman of the Board, director and an Apple employee. The Board responded positively, while also following the recommended succession plan to appoint then-Chief Operating Officer Tim Cook to be the company's new head.

Wall Street quickly voiced support for the move, calling Cook "the ideal candidate" to replace Jobs. Apple stock was down 5 percent on Wednesday, but analysts remained bullish on the company and continued to recommend it to investors.
post #2 of 11
If Steve is going to remain on the board of Apple and serve as chairman of that board, why not remain on the board of Disney?

Being a board member is not a huge time drain like being a CEO is.

My hope is that this proves that he is not dying as so many people want to paint things, but that he just realizes that he no longer has the energy to run a company as large as Apple full-time.
post #3 of 11
Quote:
Originally Posted by bohannjn View Post

If Steve is going to remain on the board of Apple and serve as chairman of that board, why not remain on the board of Disney?

Being a board member is not a huge time drain like being a CEO is.

My hope is that this proves that he is not dying as so many people want to paint things, but that he just realizes that he no longer has the energy to run a company as large as Apple full-time.

Well said, I hope so as well
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post #4 of 11
I just want to say, that Steve Jobs resigning as iCEO but staying on the boards of Apple and Disney, and Tim Cook taking over according to the succession plan, are all facts in one story, not 5 different stories. On Macrumors they sensibly put this all in one thread.
post #5 of 11
I think Jobs must be gravely sick, possibly preparing to go the next world, he would have soldiered on as CEO otherwise like he has been doing recently. I just re-watched his Stanford commencement speech again I think it's pretty clear his drive to be CEO of Apple is huge.

Of course, his wife and children may have given him an ultimatum, that he should seriously take time out and get healthy or they would give up on him. I've known a number of people close to me that quit their jobs under pressure from their family to get healthy.

I hope he gets better but I fear it may be too late.
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post #6 of 11
What ever Steve decides to do, I hope he will do it for a long time to come. I still hope he shows up at a WWDC or a product introduction event here and then. I was always looking forward to these happenings, because I really liked his enthusiastic and charming way he presented his products.

Stay well Steve!
post #7 of 11
Quote:
Originally Posted by theguycalledtom View Post

I think Jobs must be gravely sick, possibly preparing to go the next world, he would have soldiered on as CEO otherwise like he has been doing recently. I just re-watched his Stanford commencement speech again I think it's pretty clear his drive to be CEO of Apple is huge.

I think your logic is flawed. If he too sick to do any work and was about to kick off then why did request (and receive) the position of Chairman of the Board, director and Apple employee?

One day he'll drop those positions, too, and that will truly mean Steve is no longer an active part of Apple, but today is just Tim Cook getting the title while Jobs, again, watches him execute Apple's plan brilliantly.

This shouldn't be a sad day. It's the first day of the rest of our iLives.
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post #8 of 11
Yeah, I agree with the above, why would he not continue as a Disney board member when he's remaining at Apple as Chairman of their Board (And taking on what I guess you'd describe as a part-time consultancy role)? He's still got some important input for Disney anyway, not least of which is the ongoing revamp of the Disney Stores unit.

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post #9 of 11
Quote:
Originally Posted by solipsism View Post

I think your logic is flawed. If he too sick to do any work and was about to kick off then why did request (and receive) the position of Chairman of the Board, director and Apple employee?

Chairman of the Board is an honorary position, and being a board member doesn't leave the company in the lurch if he dies. If he miraculously recovers, then he doesn't have to fight to get back into a position of power.
post #10 of 11
Quote:
Originally Posted by Jensonb View Post

Yeah, I agree with the above, why would he not continue as a Disney board member when he's remaining at Apple as Chairman of their Board (And taking on what I guess you'd describe as a part-time consultancy role)? He's still got some important input for Disney anyway, not least of which is the ongoing revamp of the Disney Stores unit.

Because his health is obviously an issue and he felt he could no longer serve effectively as Apple CEO. Since his continued role at Apple will use his energies and since he's already been an absentee member of the Disney Board, it probably would be appropriate for him to step down from the Disney Board, in spite of the fact that he's the biggest shareholder. And if he does occassionally have input for Disney, his role as largest shareholder will give him that voice regardless of whether he's on the Board.
post #11 of 11
Quote:
Originally Posted by ascii View Post

I just want to say, that Steve Jobs resigning as iCEO but staying on the boards of Apple and Disney, and Tim Cook taking over according to the succession plan, are all facts in one story, not 5 different stories. On Macrumors they sensibly put this all in one thread.

When you are in the "clicks = $" business, anything goes.

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GOA

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Proud AAPL stock owner.

 

GOA

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