Disney announced that Safra Catz, CEO of Oracle, is departing its board of directors after six years.
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Disney and Catz did not provide an explanation for why she stepped down from the Mouse House’s board. With Catz’s departure, the size of Disney’s board has been reduced from 12 directors to 11. According to a Disney filing with the SEC, Catz informed the company on Thursday (July 18) that she would leave the board.
Disney’s board was in the spotlight earlier this year when activist investor Nelson Peltz tried to win a pair of seats (one for himself and one for ex-Disney CFO Jay Rasulo) in a monthslong proxy fight. Peltz had accused Disney’s board members of falling down on the job, specifically with respect to vetting a CEO successor for Iger. At Disney’s annual shareholder meeting in April, investors reelected all 12 incumbent directors (including Catz) — and decisively voted against Peltz’s Trian Partners and another investment firm that had been trying to shake up the board.
Disney CEO Bob Iger said in a statement, “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. Her contributions have been tremendous, and on behalf of the Walt Disney Company, I want to personally thank Safra for her years of service.”
Catz commented, “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. 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.”
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Since 2014, Catz has served as chief executive officer of Oracle, the enterprise software giant founded by billionaire Larry Ellison. She previously held various positions at Oracle since joining the company in 1999. In addition to her tenure on Disney’s board, which she joined in February 2018 , Catz previously served as a director of HSBC Holdings.
Separately, earlier this month, David Ellison, who is Larry’s son, reached a deal to merge his Skydance Media production company with Paramount Global . About $6 billion of the money to fund that deal is coming from the family of Larry Ellison, with about $2 billion from Gerry Cardinale’s RedBird Capital Partners.
With Catz’s exit from the Disney board, the 11 members are: Iger; Mark Parker, chairman of the Disney board and executive chairman of Nike; Mary Barra, chair and CEO of GM; Amy Chang, former senior executive at Cisco Systems and Google and current director of Procter & Gamble; Carolyn Everson, former senior executive at Instacart, Meta and Microsoft and a current director of the Coca-Cola Co. and Under Armour; Michael Froman, president of the Council on Foreign Relations and former vice chairman and president, strategic growth at Mastercard; Maria Elena Lagomasino, CEO and managing partner of WE Family Offices and a former senior executive at JP Morgan Private Bank and Chase Manhattan Bank and a current director of the Coca-Cola Co.; Calvin McDonald, CEO of Lululemon Athletica; Derica Rice, a former senior executive at CVS Health and Eli Lilly & Co. and a current director of the Carlyle Group, Bristol-Myers Squibb and Target; Morgan Stanley executive chairman James Gorman; and former Sky chief Jeremy Darroch.
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