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  • The Votes Are In... Steve Jobs Re-Elected to Disney's Board


    It was high noon for Steve Jobs today as the Walt Disney Company held its annual shareholders meeting in Salt Lake City, Utah. As we covered last night, there were no guarantees that Apple CEO Steve Jobs would have enough support to pull off his bid for reelection to Disney's board of directors. In recent days, opposition to Jobs' reappointment to the board had mounted in a surprisingly aggressive fashion.

    By Wednesday afternoon, a preliminary tally of the votes revealed a 74% vote of confidence from investors to retain the current 12-member board, which includes Steve Jobs. According to reports from the scene provided by Bloomberg, Steve Jobs was not present at the meeting. Ironically, one of the reasons presented in opposition to Jobs' reelection is his poor attendance record at official board meetings during the past twelve months. The Apple chief executive, however, remains the largest single shareholder, with 7.3% ownership of Disney.

    Prior to Wednesday's meeting, the AFL-CIO, which holds just short of four million Disney shares, came out strong in opposition to the reelection of Jobs to the venerable company's board of directors. Joining labor leaders in their repudiation of Jobs was shareholder advisory firm Institutional Shareholder Services, which referenced Jobs' ongoing health issues as a potential reason to vote against the Apple CEO remaining on the board.

    But, alas, all such talk of opposition is now a moot point. “The Walt Disney Company considers itself fortunate to have Steve Jobs as a member of its board of directors,” Disney formally announced in a statement to the press following the preliminary vote tally, which isn't expected to change much - if at all- before certification.

    Source: Bloomberg
    This article was originally published in forum thread: The Votes Are In... Steve Jobs Re-Elected to Disney's Board started by Michael Essany View original post
    Comments 23 Comments
    1. feidhlim1986's Avatar
      feidhlim1986 -
      Quote Originally Posted by RICO_ View Post
      Board of Directors for Disney and CEO of Apple.......thats gotta be a technical equivalent of being President of the United States.

      Keep a close eye on Steve....he's fixing to age 20 years in about 2 years.
      Why? Because he's got two jobs?
      He's been doing Pixar and Apple since 1996, and been on the board at Disney since at least 2006
    1. IcerMize's Avatar
      IcerMize -
      [QUOTE=RICO_;5916273]Board of Directors for Disney and CEO of Apple.......thats gotta be a technical equivalent of being President of the United States.... QUOTE]

      I believe you've just insulted Mr. Jobs. The President of the United States never had a job and certainly can't do the one he has now.
    1. RICO_'s Avatar
      RICO_ -
      Quote Originally Posted by feidhlim1986 View Post
      Why? Because he's got two jobs?
      He's been doing Pixar and Apple since 1996, and been on the board at Disney since at least 2006
      True. But as I have read earlier it seems like he wasn't actively engaged with Disney relations...which was the reason he wasn't favored to be re-elected. Being re-elected i'm sure they will keep a close eye on him and make sure he is much more actively engaged with their operations than he ever was before. So he will be under much more stress. And he isn't exactly in great health right now either so it will certainly take its toll on him.

      I'm sure he could handle it though. I just hope it doesn't negatively effect his involvement with Apple.

      Quote Originally Posted by IcerMize View Post

      I believe you've just insulted Mr. Jobs. The President of the United States never had a job and certainly can't do the one he has now.
      I wasn't comparing him to THIS President....just the position in general and the amount of stress and commitment involved. Obviously they're two different things. But the stress level has to be right on par.

      I personally don't think he should be in two very demanding positions at the same time given his health condition. Didn't he just take another medical leave of absence?