Kansas City, Missouri, March 13, 2012– Shareholders of The Walt Disney Company (NYSE:DIS) at the 2012 Annual Meeting today elected 10 members of the Board of Directors and approved the Board recommendations on the Company’s auditor, its stock incentive plan and the advisory resolution on executive compensation, based on preliminary results.
Immediately following the annual meeting at the Westin Crown Center, Robert A. Iger, as expected, was formally elected Chairman in addition to his current role as Chief Executive Officer. The Board, as previously announced, took this action to secure Mr. Iger’s leadership through his expected retirement in 2016 to provide for an effective, seamless succession and management transition and a continuity of the Company’s proven strategy. The Board of Directors also unanimously elected Orin C. Smith, 69, as the new independent lead director. Mr. Smith, former President and CEO of Starbucks Corp., joined the board in 2006 and has served as chairman of the audit committee. Additional details regarding the independent lead director role are set forth in the Corporate Governance Guidelines.
“Orin brings extraordinary leadership, integrity and independence to the lead director position,” said Aylwin B. Lewis, chairman of the Board’s Governance and Nominating Committee. “This structure will promote the continued exercise of independent judgment by the board.”
At the annual meeting, outgoing Chairman John E. Pepper Jr. introduced members of the Board of Directors and highlighted important moves by the Company during his seven years. “There are many things to be proud of and that give me confidence in the future of your company,” Mr. Pepper said. “We’ve made bold, strategic acquisitions, giving Disney new franchises and injecting new creative potential into the company. We’ve expanded aggressively into new markets, including in the rapidly growing regions of China, India and Russia, which offer unlimited potential for our future.” Mr. Pepper also praised Disney employees for their passion and commitment to creating exceptional entertainment experiences.
Mr. Iger commented on Disney’s exceptional shareholder return and record financial performance.
“For Fiscal 2011, Disney generated record revenues of $40.9 billion – up 7% over last year. We also achieved a record $4.8 billion in net income, up 21% over the previous year. And our diluted earnings per share also increased – by 24% to a record $2.52,” he said.
Based on preliminary results, all Disney directors were reelected to the Board:
- Susan Arnold
- John S. Chen
- Judith L. Estrin
- Robert A. Iger
- Robert W. Matschullat
- Fred H. Langhammer
- Sheryl Sandberg
- Aylwin B. Lewis
- Orin C. Smith
- Monica C. Lozano
Shareholders also ratified the appointment of PricewaterhouseCoopers LLP as the Company’s independent accountants for the fiscal year ending September 29, 2012, and approved an amendment to the 2011 Stock Incentive Plan increasing the number of shares authorized to be issued under the Company’s plans. Shareholders also approved the advisory resolution on executive compensation.
Final voting tallies are subject to certification by the Company’s inspector of elections, and will be included in the Company’s report to be filed with the Securities and Exchange Commission within the next week.
About The Walt Disney Company
The Walt Disney Company, together with its subsidiaries and affiliates, is a leading diversified international family entertainment and media enterprise with five business segments: media networks, parks and resorts, studio entertainment, consumer products and interactive media. Disney is a Dow 30 company and had annual revenues of $40.9 billion in its most recent fiscal year. Disney’s Market Cap is more than $70 billion.
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