Jack Dorsey, chairman of Twitter Inc. and CEO of Square Inc has joined The Walt Disney Company Board of Directors as an independent director, effective immediately in a move to turn around the company, one of the world’s oldest entertainment and media enterprise.
Dorsey is the co-founder of Twitter, with over 230 million monthly active users worldwide who create about 500 million Tweets every day. Dorsey is also chief executive officer of Square, a payment’s firm he co-founded in 2009. He attended New York University and Missouri University of Science and Technology.
Dorsey will stand for election along with the company’s other directors at the annual meeting on March 18, 2014. Pursuant to the tenure policy in the company’s corporate governance guidelines that limits board service to 15 years, replacing Judith L. Estrin who has been on Disney’s board for 15 years and can not stand for re-election.
Robert A. Iger, Disney’s chairman and chief executive officer in a statement said,“Jack Dorsey is a talented entrepreneur who has helped create groundbreaking new businesses in the social media and commerce spaces.”
“The perspective he brings to Disney and its Board is extremely valuable, given our strategic priorities, which include utilizing the latest technologies and platforms to reach more people and to enhance the relationship we have with our customers.”
Elated at the election, Dorsey said he was honored and humbled to join the Disney Board.
“Disney is a timeless company, one we all grow up learning from and admiring,” he said.