DreamWorks Animation SKG Inc., producer of the box-office hit “The Croods,” plans to nominate Universal Music Group Chief Executive Officer Lucian Grainge and former Hulu LLC CEO Jason Kilar to its board.
The two will replace Nathan Myhrvold, 53, and Richard Sherman, 60, who plan to step down next month at the May 29 annual meeting, Glendale, California-based DreamWorks Animation said yesterday in a statement.
Grainge, 53, has led Vivendi SA’s Universal Music since March 2011. He’s also on the board of Activision Blizzard Inc., the video-game company majority owned by Paris-based Vivendi. Kilar, 41, Hulu’s founding CEO, led the video-streaming service from June 2007 until his departure last month.
DreamWorks Animation fell 3.5 percent to $19.02 yesterday in New York. The stock has gained 15 percent this year, compared with the 8.9 percent increase for the S&P 500 index. The company declined to comment beyond the statement.
Sherman is CEO of David Geffen Co. and has been a director since November 2008, the company said. Geffen, the billionaire music mogul, is an original investor in DreamWorks Animation, according to data compiled by Bloomberg. In October, he converted his holdings of a super-voting class of stock into common shares. Ownership of the stock entitled him to designate a board member.
Myhrvold is chief executive officer of Intellectual Ventures and has been a DreamWorks Animation director since the company went public in October 2004, according to the statement.
The company’s current theatrical release, “The Croods,” has collected $142.4 million in U.S. and Canadian ticket sales, to rank second this year, according to researcher Box Office Mojo. Worldwide sales for the film, about a prehistoric family that’s forced to leave its cave following a disaster, total $385 million.