Published: Sun, January 14, 2018
Finance | By Loren Pratt

Facebook COO Sheryl Sandberg, Twitter CEO Jack Dorsey to exit Disney board

Facebook COO Sheryl Sandberg, Twitter CEO Jack Dorsey to exit Disney board

Facebook Chief Operating Officer Sheryl Sandberg and Twitter Chief Executive Jack Dorsey aren't up for re-election when the company holds its annual shareholder meeting March 8, in Houston, Texas, according to a regulatory filing. Both Sandberg and Dorsey are not standing for re-election due to conflicts relating to matters before the board, Disney said.

For years, companies like Facebook and Twitter have insisted that they are technology firms rather than traditional media companies.

"Given our evolving business and the businesses Sandberg and Dorsey are in, it has become increasingly hard for them to avoid conflicts relating to board matters", Fortune quoted a Disney spokesperson as saying late on Friday.

The report said apart from its plans to create its own video streaming service in 2019 that is dedicated to movies and television shows, Disney also meant to debut an ESPN Plus streaming service this year.

Twitter struck a deal with the NFL previous year to air a 30-minute live show during football season.

Facebook also pushed video, including debuting its "Watch" feature in August previous year. This is a big deal to Disney, who owns ESPN.

Private investor Robert Matschullat is also leaving after having served the board's maximum 15-year limit. The company announced that independent director Orin Smith is stepping down because he reached the board's retirement age.

Sandberg and Dorsey's exit won't be the only change to Disney's board. The entertainment giant named two members to its board in December, tapping CEOs from the software and biotech industries.

Disney's board extended CEO Bob Iger's contract last month for yet another two years, in connection with the proposed Fox acquisition.

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