Jack Dorsey, founder and chairman of the board at Twitter Inc. (NYSE: TWTR) and founder and CEO at electronic payment firm Square Inc., has been elected to the board of The Walt Disney Co. (NYSE: DIS) where he will replace former Cisco Systems Inc. (NASDAQ: CSCO) chief technical officer Judith Estrin who is retiring from Disney’s board in March after 15 years, the maximum allowed by the company’s tenure problem.
At 36 years of age, Dorsey also becomes the youngest member of Disney’s board, snagging the honor from Facebook Inc. (NASDAQ: FB) chief operating officer Sheryl Sandberg, who is 42. Every other board member is at least 15 years Dorsey’s senior and most are 20 years older.
Dorsey and Sandberg are Disney’s connection to the Silicon Valley, a connection that CEO Robert Iger has fostered during his tenure. Dorsey and Sandberg now represent the two major Valley social media players on Disney’s board and that connection could stand the company in good stead as it copes with the fast-changing world of technology as it applies to content owners like Disney.
Disney has been quick to adopt various video streaming technologies that other content companies have avoided as they try to protect their licensing revenues. The strategy is risky, but Disney is hoping to steal a march on the rest of the industry and cement its position as both a technology and entertainment leader. Dorsey and Sandberg could well be the folks Disney needs to help the process along.
Disney stock closed at $73.27 today, up 1.2% in a 52-week range of $48.80 to $73.56.
Top Gaining Stocks
Top Losing Stocks