The Walt Disney Company is reducing the size of its board of directors from 12 to 11. This comes with the news that Oracle Corp. CEO Safra A. Catz is leaving the board. Catz had been on Disney’s board for six years. The Walt Disney Company announced her departure on Friday afternoon.
“Throughout her tenure on Disney’s Board of Directors, Safra has provided invaluable insight that has helped shape the company’s long-term strategic planning amid a rapidly changing technological landscape that affects our businesses,” said Robert A. Iger, Chief Executive Officer. “Her contributions have been tremendous, and on behalf of The Walt Disney Company, I want to personally thank Safra for her years of service.”
A reason for the departure of Catz was not released by Disney. However, it is possible that the investment of Oracle chairman Larry Ellison into the Skydance takover of Paramount could be a reason. The deal would see Ellison’s son David running Paramount. This could be seen as a potential conflict of interest for Catz if the deal goes through.
“I’ve been honored to serve on Disney’s Board, and I am especially proud of the work we’ve done to fortify the company’s unparalleled strengths and continue its rich legacy of innovation,” said Catz. “As I leave the Board today, I am grateful to have had the opportunity to work with Bob and his talented leadership team, and the accomplished members of the Disney Board. I wish the company and its employees every success in the future.”
The departure of Catz and the reduction of the size of the board comes after an acrimonious battle with activist investor Nelson Peltz earlier this year. He was seeking two seats on Disney’s board of directors. One of these seats he wanted for himself and the other for former Disney executive Jay Rasulo. After being defeated, Peltz and his Trian Group divested from Disney.
What do you think of Catz leaving Disney’s Board of Directors? Is it a good move? What do you think of the board getting smaller? Share your thoughts and opinions in the comments below!
