Jobs Said to Stay on Disney Board After Reducing Apple Role
Aug. 24 (Bloomberg) -- Steve Wozniak, co-founder of Apple Inc., Lou Kerner, managing director at Wedbush Securities Inc. and Lawrence Haverty, a portfolio manager at Gamco Investors Inc., talk about Apple Inc. Chief Executive Officer Steve Jobs's decision to resign and the outlook for the company. Jobs, who is succeeded by Chief Operating Officer Tim Cook, was named chairman. Wozniak, Kerner, and Haverty speak with Cory Johnson and Emily Chang on Bloomberg Television's special coverage on "Bloomberg West." Bloomberg's Tom Giles and Sheila Dharmarajan also speak. (Source: Bloomberg)
Aug. 24 (Bloomberg) -- Apple Inc. (AAPL)’s Steve Jobs will remain on the board of Walt Disney Co. (DIS), according to a person with knowledge of the matter, after resigning as chief executive officer of the personal-computer company he founded.
There is no change in Jobs’ status at Burbank, California- based Disney, said the person, who wasn’t authorized to speak publicly. Jobs, Disney’s largest shareholder with a 7.4 percent stake, joined the board after the media company acquired his Pixar Animation studio for $7 billion in May 2006.
Jobs, 56, has battled a rare form of cancer since 2003, and had been on medical leave at Apple since January. While Disney Chief Executive Officer Bob Iger has cited his input on matters such as branding, health issues limited Jobs’ participation on Disney’s board in fiscal 2009 and 2010, according to the media company’s January proxy filing.
“As was the case last year, Mr. Jobs’ ability to attend board meetings was influenced by health considerations,” Disney said in the filing.
Among Disney directors, Jobs was the only one who failed to attend 75 percent of board and committee meetings for the year ended in October 2010, the filing said. At his request, he receives no compensation as a director.
Jobs was named chairman of Apple today, and will be succeeded as CEO by Tim Cook, 50. He owns 138 million Disney shares, according to data compiled by Bloomberg.
Disney, owner of ABC, ESPN and the world’s biggest theme- park business, gained 40 cents to $32.51 today in New York Stock Exchange composite trading. The shares have lost 13 percent this year.
Jobs’ plan to remain on Disney’s board was reported earlier by CNBC.
To contact the reporter on this story: Anthony Palazzo in Los Angeles at apalazzo@bloomberg.net
To contact the editor responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net
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