Shareholders of The Walt Disney Co. on Wednesday re-elected its entire board including Apple Inc. CEO Steve Jobs, despite concerns over his health and his poor attendance at company board meetings.
Proxy advisory firm Glass Lewis & Co. had recommended voting against Jobs’ re-election because he failed to attend 75 percent of the board meetings in fiscal 2010. Jobs became Disney’s largest shareholder after the company purchased Pixar Animation Studios in 2006 for $7.4 billion in stock. Jobs, who bankrolled Pixar when it was a fledgling movie house, now holds a 7.3 percent stake in Disney.
After the vote, Disney said that it “considers itself fortunate to have Steve Jobs as a member of its board of directors.”
Despite his spotty attendance record, Jobs has had a significant influence on Disney’s digital strategy — as evidenced by its many iPad applications. In November, CEO Bob Iger cited Jobs’ help in pushing the company to come up with a message for its redesigned Disney Stores. The company ended up focusing the stores on offering “the best 30 minutes of child’s play.”
The annual shareholders meeting finished early Wednesday in Salt Lake City.
Disney shares rose 72 cents, or 1.7 percent, at $42.16 in afternoon trade.
Source: Associated Press/Yahoo