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.