Sheryl Sandberg, Jack Dorsey Won't Seek Re-Election to Disney Board


Disney says Twitter CEO Jack Dorsey and Facebook COO Sheryl Sandberg won't seek re-election to its board over conflicts of interests.

"Given our evolving businesses and the businesses of Ms. Sandberg and Mr. Dorsey are in, it has become increasingly hard for them to avoid conflicts relating to Boad matters, and they are not standing for re-election", Disney said in a statement.

Neither has addressed their departure.

Facebook has escalated efforts around video programming, a lucrative growth area for the company's advertising business, which brought in $10.1 billion past year.

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Twitter and Facebook executives are running into some problems with Disney.

In 2017 Twitter signed a deal with the NFL that would allow the company to run a 30-minute show on the social media platform five days a week during football season. In September it announced it was allowing its deal with Netflix to lapse so that it could launch its own streaming movie service in 2019.

Facebook also streamed 15 college football games previous year as part of a deal with Stadium.

Lead independent director Orin Smith, former CEO of Starbucks Corp, also will leave Disney's board, because of rules that specify retirement at age 74, the company said.

1.26 is Amazon Com Inc's (NASDAQ:AMZN) Institutional Investor Sentiment, Inc offers a range of products and services through its Websites. (NASDAQ:AMZN) to report earnings on February, 1. Following the completion of the sale, the director now directly owns 17,114 shares in the company, valued at $20,583,692.36.

Private investor Robert Matschullat is also leaving after having served the board's maximum 15-year limit.

Two years ago Disney had made acquisition moves for Twitter, Dorsey's company and Twitter and Facebook had also bid for and won the rights to stream live sporting events, a bedrock business for Disney and its ESPN network.

Two new members will step.

Safra Catz, co-CEO of software giant Oracle Corp., and Francis Desouza, head of Illumina Inc., will join the board on February 1.

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CEO Bob Igler will continue to serve as chairman of the board.