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Disney CEO Bob Iger joins Apple board as Art Levinson named Chairman

post #1 of 25
Thread Starter 
Apple has named Arthur D. Levinson, Ph. D. as its new non-executive Chairman of the Board, while adding Disney chief executive Robert Iger to its board.

Levinson becomes chairman

Levinson replaces Steve Jobs in the chairman role, who was briefly named Apple's chairman following his resignation as its chief executive.

Levinson has served as a co-lead director on Apple's board since 2005, and has served on three board committees audit and finance, nominating and corporate governance, and compensation. Apple noted he will continue to serve on the audit committee.

Levinson also serves as the chairman of Genentech, Inc., a biotech firm he lead as chief executive from 1995 through 2009, and is a member of the board of directors at pharmaceutical firm Roche.

Apple's new chief executive Tim Cook said in a statement that Art has made enormous contributions to Apple since he joined the board in 2000. He has been our longest serving co-lead director, and his insight and leadership are incredibly valuable to Apple, our employees and our shareholders.

Levinson stated, I am honored to be named chairman of Apples board and welcome Bob to our team. Apple is always focused on out-innovating itself through the delivery of truly innovative products that simplify and improve our lives, and that is something I am very proud to be a part of.

Iger joins Apple board

Walt Disney Company chief executive Iger is joining Apples board and will also serve on the audit committee. Iger helped to rebuild the partnership between Disney and Jobs' Pixar after the two companies grew estranged under the leadership of his predecessor at Disney, Michael Eisner.

Jobs and Iger worked together in a close partnership that brought Disney's content to iTunes at a time when other studios hesitated to make their TV shows and movies available, and the two presided over Disney's 2006 acquisition of Pixar, a move that revitalized the media company.

Bob and I have gotten to know one another very well over the past few years and on behalf of the entire board, we think he is going to make an extraordinary addition to our already very strong board, Cook said.

His strategic vision for Disney is based on three fundamentals: generating the best creative content possible, fostering innovation and utilizing the latest technology, and expanding into new markets around the world which makes him a great fit for Apple.

Iger stated, Apple has achieved unprecedented success by consistently creating high quality, truly innovative products, and I am extremely pleased to join the board of such a wonderful company.

Over the years, I have come to know and admire the management team, now ably led by Tim Cook, and I am confident they have the leadership and vision to ensure Apples continued momentum and success.
post #2 of 25
When Disney bought Pixar I recall that part of the deal was that Steve Jobs became majority shareholder. What became of his position at Disney after his death?
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post #3 of 25
Quote:
Originally Posted by Tallest Skil View Post

Why not retire the position altogether? Since Steve's return, Apple hasn't had a chairman. Steve wanted it as the final jewel on the crown of his achievements. There's only one other person on the planet who you can say, "Oh, of course. That's a given," about getting the Apple Chairman of the Board position (except he wouldn't want it) and only three others who could even be in the running. And they're not this guy.

Repost from the earlier thread. Actually, should I just merge them?
post #4 of 25
Quote:
Originally Posted by Robin Huber View Post

When Disney bought Pixar I recall that part of the deal was that Steve Jobs became majority shareholder. What became of his position at Disney after his death?

Largest shareholder* Not majority
post #5 of 25
Quote:
Originally Posted by Robin Huber View Post

When Disney bought Pixar I recall that part of the deal was that Steve Jobs became majority shareholder. What became of his position at Disney after his death?

My guess is that it is sitting in a revocable trust with Laurene Powell Jobs as the primary beneficiary.

As mentioned earlier by someone else, he was not a majority shareholder. He was the largest individual shareholder (i.e., non-institutional ownership).
post #6 of 25
With these two additions everyone should relax on whether or not Cook and the rest will honor Steve's Vision and expand on it.
post #7 of 25
Jobs at one point owned about 7 percent of Disney worth at least 7.5 billion dollars. At the time of his death, he likely had a Trust Agreement that dictates what happens to those shares. The shares are very valuable as they pay about a .40 cent annual dividend. His wife might be the sole beneficiary, but his other family might also benefit. For voting purposes, the shares are most valuable as a single unit.


Quote:
Originally Posted by Robin Huber View Post

When Disney bought Pixar I recall that part of the deal was that Steve Jobs became majority shareholder. What became of his position at Disney after his death?
post #8 of 25
Quote:
Originally Posted by Robin Huber View Post

When Disney bought Pixar I recall that part of the deal was that Steve Jobs became majority shareholder. What became of his position at Disney after his death?

I would expect that his estate continues to be the largest shareholder, not the majority shareholder. And his position on Disney's board is now open due to his death. Disney's board will decide what to do about that. Just because you die doesn't mean you lose your shares. I would guess Jobs' wife, Laurene, will eventually own those shares unless Steve had a will that distributed them elsewhere.
post #9 of 25
Well, this is good. The current board was more or less hand picked by Steve Jobs, which keeps continuity at the top. I'm sure Steve would approve of Bob Iger joining.

"Apple should pull the plug on the iPhone."

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"Apple should pull the plug on the iPhone."

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post #10 of 25
Disney and Apple, both have had their founder and visionary die. The Walt Disney Company almost went to hell in a hand basket when Walt died in 66 but they got their shit together and Disney is stronger than ever today.

Just a reminder for all those people that think that Apple's future is in jeopardy now that Steve is gone.
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post #11 of 25
Quote:
Originally Posted by TBell View Post

Jobs at one point owned about 7 percent of Disney worth at least 7.5 billion dollars. At the time of his death, he likely had a Trust Agreement that dictates what happens to those shares. The shares are very valuable as they pay about a .40 cent annual dividend. His wife might be the sole beneficiary, but his other family might also benefit. For voting purposes, the shares are most valuable as a single unit.

I would try to further prove your point but apparently death does not trigger an SEC filing.
post #12 of 25
This sounds like a good move on both counts. Robert Iger is the one responsible for getting Disney back on track after Michael Eisner. He engineered the purchase of Pixar which put them squarely back in the Animation business. Art Levinson is a very well respected executive and I am glad to see that Apple chose an 'independent' (not part of the executive staff) as chairman. The market reacted very positively to these moves.

WRT to Disney's board, obviously SJ will be replaced as a board member. This dispensation of his Disney shares have not been publicly disclosed but I suspect the family will establish some sort of foundation...
post #13 of 25
This is great. If you have read Isaacson's book, you will see why Art Levinson is a good choice for Chairman. He has made many great contributions to Apple over the years. For instance, it was he who convinced Steve that the iPhone should have Apps.
post #14 of 25
Quote:
Originally Posted by Robin Huber View Post

When Disney bought Pixar I recall that part of the deal was that Steve Jobs became majority shareholder. What became of his position at Disney after his death?

Doesn't the shares become inherited by the family? Wouldn't the Family (such as Steve's wife) have the option to sell the shares or maybe just be a silent partner in Pixar? I wouldn't think that the family would have role of control in Pixar.
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post #15 of 25
Think of all that money they are worth.
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post #16 of 25
I would speculate that before Steve died, he had few conversations on the chairman role at least and I push my head out to say that Iger inclusion was at his hand.

I think it is very good move by Apple/Cook to have solid strong Chairman and Iger has a director.
post #17 of 25
As mentioned in the biography Steve was really clashing with Eisner, luckily once Bob Iger became CEO they got along well.

I grew up with Little Mermaid and Aladdin so I too was a bit slow to understand the impact Pixar had.

The biography mentions: Iger had just come back [sometime in 2005] from opening the new Disneyland in Hong Kong, with Eisner at his side in his last big act as CEO.... Iger realised that the only characters in the [Main Street] parade that had been created in the past decade were Pixar's. "A lightbulb went off," he recalled. "I'm standing next to Michael [Eisner], but I kept it completely to myself, because it was such an indictment of his stewardship of animation during that period. After ten years of The Lion King, Beauty and the Beast and Aladdin, there were then ten years of nothing." Iger went back to Burbank and had some financial analysis done. He discovered that they had actually lost money on animation in the past decade and had produced little that helped ancillary products.
post #18 of 25
Quote:
Originally Posted by karmadave View Post

This sounds like a good move on both counts. Robert Iger is the one responsible for getting Disney back on track after Michael Eisner. He engineered the purchase of Pixar which put them squarely back in the Animation business. Art Levinson is a very well respected executive and I am glad to see that Apple chose an 'independent' (not part of the executive staff) as chairman. The market reacted very positively to these moves.

WRT to Disney's board, obviously SJ will be replaced as a board member. This dispensation of his Disney shares have not been publicly disclosed but I suspect the family will establish some sort of foundation...

Agreed.

I assumed Finding Nemo and Cars was all just the trend du jour but seeing kids play, talk and purchase all this stuff, Pixar is to kids nowadays what Disney's "final era classics" was to my generation.

Ice Age 3 was terrible. Shrek... just bearable. Madagascar 1 & 2- entertaining but really kitsch.

Wall-E... Art. You're 30 minutes into the film and you realise, "My Gawd there's been virtually no dialogue whatsoever and I am enthralled".

I wonder how Pixar will do without Steve... Alright I guess, just like Apple, for at least the next five years.

One of the non-Pixar animated stuff that was quite enjoyable was Cloudy With A Chance Of Meatballs. Delicious (pun intended) animation, interesting story, fun yet meaningful.
post #19 of 25
Quote:
Originally Posted by nvidia2008 View Post

I wonder how Pixar will do without Steve... Alright I guess, just like Apple, for at least the next five years.

Steve never really had anything to do with the creative side at Pixar. He actually loosened the reins there and let Lasseter take over.
post #20 of 25
Quote:
Originally Posted by island hermit View Post

Disney and Apple, both have had their founder and visionary die. The Walt Disney Company almost went to hell in a hand basket when Walt died in 66 but they got their shit together and Disney is stronger than ever today.

Just a reminder for all those people that think that Apple's future is in jeopardy now that Steve is gone.

I miss Steve. Long may Apple remaining a visionary beast of a company, creating insanely great products and making daring choices that no other company in the World dare to.
post #21 of 25
The availability of these two individuals for oversight appointments is extraordinarily fortunate for Apple, given Levinson's and Iger's intimate experiences with Apple's business in recent years. Not only does Apple have a deep bench of day-to-day executive management talent, but its directors have made their bones as well. Sad to say, the boards of so many American companies are populated by seat-warmers. Apple is not one of them.

Confidence in the quality of Apple's board of directors is meaningful in financial and investing circles.

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post #22 of 25
Quote:
Originally Posted by Tallest Skil View Post

There's only one other person on the planet who you can say, "Oh, of course. That's a given," about getting the Apple Chairman of the Board position (except he wouldn't want it) and only three others who could even be in the running. And they're not this guy.

Just curious exactly who the three plus one are? Didn't see the earlier thread referred to...
post #23 of 25
Quote:
Originally Posted by boredumb View Post

Just curious exactly who the three plus one are? Didn't see the earlier thread referred to...

The one, I figure, would be Woz in a strictly name-only sense. He'll always be an engineer, never a businessman.

The other three are Tim Cook, king of operations after the Second Steveing; Jonathan Ive, creator of world-renoun design aesthetics; and Scott Forstall, Steve 2.0, or so his associates say, in charge of the newest computer revolution, walking in the footsteps of Woz and Jobs.
post #24 of 25
I don't know the answer to that. It is possible the shares went into a trust from the beginning and the same trust owns them. Jobs knew he had a serious form on cancer in 2003. The sale of Pixar to Disney was in 2006. Here is some speculation on the topic.

Quote:
Originally Posted by CGJ View Post

I would try to further prove your point but apparently death does not trigger an SEC filing.
post #25 of 25
At the time of his death, Jobs had no control over Pixar. He sold it to Disney. Disney owns it. All Jobs had was a seat on Disney's Board, and a whole bunch of Disney stock.

Quote:
Originally Posted by tylerk36 View Post

Doesn't the shares become inherited by the family? Wouldn't the Family (such as Steve's wife) have the option to sell the shares or maybe just be a silent partner in Pixar? I wouldn't think that the family would have role of control in Pixar.
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