Wednesday, March 23, 2011, 01:50 pm
Despite opposition, Apple CEO Steve Jobs re-elected to Disney's boardInvestors in the Walt Disney Co. voted to re-elect Apple Chief Executive Steve Jobs to the company's board of directors on Wednesday, going against the advisement of a prominent federation of labor unions.
A preliminary count of shareholder votes found that 74 percent of investors supported keeping the 12-member board -- including Jobs -- the same, according to Bloomberg. The vote was closely watched as continued health issues surrounding Jobs had led some to question whether he was fit to retain his status as board member.
This week, the AFL-CIO labor union made waves when it announced it had voted against the re-election of Jobs. The organization collectively holds 3.8 million shares of Disney stock.
Institutional Shareholder Services didn't advise its clients to vote against Jobs, but did note that he showed "poor attendance" in recent years, attending less than three-quarters of Disney's board meetings since 2008. The ISS also said that Jobs' recent health issues also raise questions about his ability to fulfill responsibilities on the Disney board.
Jobs has been a director at Disney since 2006, when the entertainment giant acquired Pixar in an all-stock transaction worth $7.4 billion. The deal made Jobs the single largest shareholder of Disney.
Apple's co-founder took another medical leave of absence from his company starting in January. Though he has been absent from day-to-day operations, Jobs remains CEO of Apple, and even made a surprising return to the stage at the iPad 2 media event earlier this month.
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