Twitter Inc (NYSE:TWTR) co-founder and and chairman Jack Dorsey has joined the board of directors of The Walt Disney Company (NYSE:DIS), effective immediately. Shareholders of the Burbank, California-based company will vote on his selection on March 18. The serial entrepreneur will become the youngest member of The Walt Disney Company (NYSE:DIS)'s board after selection. There were also rumors that Mr. Dorsey may run for New York City Mayor.
Twitter founder to bring a unique perspective to Disney
The Mouse House said that its current board member Judy Estrin will be leaving next year. The Walt Disney Company (NYSE:DIS)'s policies don't allow a board member to stand for re-election after 15 years. Mr. Dorsey co-founded Twitter Inc (NYSE:TWTR) with Biz Stone, Noah Glass and Ev Williams. Jack Dorsey was the first person to send a tweet: "just setting up my twttr."
The Walt Disney Company (NYSE:DIS) chairman and CEO Robert A. Iger said in a statement that Dorsey is a highly talented entrepreneur who has created several successful businesses in commerce and social media. He brings a unique and valuable perspective to the entertainment company, added Iger. Dorsey may help The Walt Disney Company (NYSE:DIS) use modern technologies to improve relationships with its customers and reach a broader audience.
Twitter's Dorsey to join other tech heavyweights
He will join other tech heavyweights such as BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) CEO John Chen and Facebook Inc (NASDAQ:FB) COO Sheryl Sandberg, who are already on the board of The Walt Disney Company (NYSE:DIS). Mr. Dorsey attended Missouri University of Science and Technology and the New York University. Before being elected as chairman of Twitter Inc (NYSE:TWTR) in 2008, Jack Dorsey served as the president and CEO of the microblogging giant.
After Twitter Inc (NYSE:TWTR) went public in November, Dorsey's 5% stake in the company is worth in excess of $1 billion. Jack Dorsey also co-founded Square Inc. in 2009. San Francisco-based Square Inc. offers a mobile credit card reader, iPad point-of-sale system and credit card payment services to small businesses.
On Monday, The Walt Disney Company (NYSE:DIS) said in an SEC filing that its CEO Iger received a compensation of $34.3 million in 2013, compared to $40.2 million in 2012. Iger received $3 million less in cash bonus because the company didn't overperform the forecasts.
Twitter Inc (NYSE:TWTR) shares surged 3.66% to $66.90 at 9:37 AM EST.