Jack Dorsey, Chairman of recently public Twitter Inc., has been elected to the Disney Corporation’s Board. The announcement was made Monday by Disney officials that the young Silicon Valley success had been selected to join the Walt Disney Board, signifying the increasing demand for social network guru’s throughout the corporate world.
Robert Iger, Chairman and CEO of Disney, in speaking of the recent board election stated, “Jack Dorsey is a talented young entrepreneur who has helped create groundbreaking new business in the social media and commerce spaces.” Iger went on to speak of how the successful young Twitter Chairman’s experience would be key in helping Disney achieve its strategic goals.
The statements by Iger, along with the vote to bring Dorsey aboard, show that the decision is well supported and could stick for some time. It also signifies the growing trend of social networking platforms becoming more and more important to the corporate world at large.
Dorsey, now chairman of Twitter, will join the likes of Sheryl Sandberg with his recent election to the Disney board. Sandberg, almost a billionaire in her own right, is the COO of the online phenomenon Facebook.
Iger seemed excited about Dorsey’s new addition and the possibilities it could spell for the future. Although Disney enjoyed a strong year, Iger did see his pay decrease during the 2013 fiscal year. The CEO saw his pay drop during this last fiscal year, which ended Sept. 28, as a result of Disney’s failure to outperform 2013 expectations by more than it exceeded expectations in the previous year. The outcome resulted in an approximate 15% drop in pay for Disney’s head man.
Disney itself enjoyed strong financial performance throughout the year, closing with a 7% growth in revenues to $45 billion, and an 8% growth in profits to $6.1 billion. Despite the strong closing numbers for the company, Iger saw a nearly $3 million drop in bonuses due to his inability to reach specific performance benchmarks for the year. Disney, now Jack Dorsey’s new firm however, saw it fit to extend Iger’s contract longer than expected to keep the CEO on through June of 2016. This may also be welcome news for Dorsey, as Iger is an outspoken supporter of the new board member’s election.
Dorsey is one of Silicon Valley’s youngest new billionaires, valued at $2.4 billion. The new billionaire on the block cut his teeth starting and growing the social networking broadcasting platform Twitter along with the payment systems company Square. Twitter has come a long way, going from its first tweet made by Dorsey back in 2006, to its recently successful IPO.
Jack Dorsey, currently chairman of Twitter, has publicly expressed his excitement and appreciation at being elected to the Disney Corporation’s board. In responding to the news of his election Dorsey stated, “I’m honored and humbled to join the Disney board. Disney is a timeless company, one we all grow up learning from and admiring.”
Time will eventually show just how much Dorsey is able to assist his new company in achieving its goals, however his recent election displays the growing corporate desire to tap the guru’s of social networking in their efforts to secure successful futures.
By Daniel Worku