Oracle CEO Safra Catz Exits Disney’s Board of Directors

The Walt Disney Co.’s board of directors is losing a longtime member.

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Safra Catz, the CEO of tech giant Oracle, is resigning from her board seat, the company says. An SEC filing said that Catz informed the board of her decision Thursday. With Catz’s exit, Disney’s board will shrink from 12 to 11 members.

A source says that Catz’s departure was partly to avoid a potential conflict of interest, with Oracle chairman Larry Ellison helping to finance a takeover of Disney competitor Paramount Global. That deal, assuming it closes, would see Ellison’s son, David Ellison, run Paramount. The Oracle chairman has committed $6 billion to the deal.

Catz’s departure also comes after Disney’s board has faced pressure from activist shareholders, including from Nelson Peltz, in a failed proxy fight earlier this year. While Catz was not the target of Peltz’s fight, he had criticized Disney’s board for the long terms of its board members, and the presence of CEOs like Catz and GM CEO Mary Barra, who he argued have more important day jobs.

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Disney last year sought to preempt some of those concerns by naming two new board members : former Morgan Stanley CEO James Gorman and former Sky CEO Jeremy Darroch.

“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,” said Disney CEO Bob Iger in a statement.  “Her contributions have been tremendous, and on behalf of The Walt Disney Company, I want to personally thank Safra for her years of service.”

“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,” Catz added. “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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