Katie MarsalAn anonymous source told Dow Jones Newswires on Wednesday that Jobs is "expected to remain on the board" at Disney, where he is the the single largest shareholder. If accurate, Jobs will hold that position in addition to remaining the chief executive at Apple.
Jobs became the largest Disney shareholder in 2006, when the Mouse House acquired Pixar in an all-stock transaction worth $7.4 billion. Jobs was the CEO of the Academy Award-winning animation studio responsible for movies such as "Toy Story" and "Up."
Jobs announced in a letter to employees Monday that he will take a medical leave of absence from Apple, though he will remain involved in major strategic decisions. Like in 2009, Apple's chief operating officer, Tim Cook, will be responsible for overseeing day-to-day operations.
Jobs' vague letter, in which he did not reveal the health condition that has prompted his exit, has led to plenty of speculation about his current state. One report indicated that Jobs has looked "increasingly emaciated" of late, and has only been showing up to work about two days per week.
The news that Jobs will remain on Disney's board during his leave of absence from Apple will no doubt inspire further interpretations from onlookers. He was last re-elected to the company's board in 2009
And on Tuesday, a report revealed that Jobs allegedly traveled to Switzerland in 2009 to receive treatment for cancer — a previously undisclosed detail.
Thomas Sibilly
Andrew Orr
Wesley Hilliard
Marko Zivkovic
Malcolm Owen
Andrew O'Hara
Christine McKee
7 Comments
Jobs owns a plurality of Disney shares, not a majority. To be a majority shareholder, one must own more than 50% of the shares.
Also considering that I don't think being on that board is as stressful or time consuming as Apple, I don't see why he would leave them as well on a temporary basis.
Well, it all depends whether Jobs realistically thinks he's going to be able to be active in the future at either Disney or Apple. Being the largest shareholder of Disney, I can understand why he'd want to remain on the Board (if he resigned and they replaced him, he couldn't get back on the Board unless someone else stepped aside), but if he can't make Board meetings, he needs to resign.
The upside of him only being at Apple two days a week recently is that it's obvious that the company can do very well without him or with his limited involvement.
While I believe that Jobs (or any CEO) is entitled to keep the specific details of their personal health issues to themselves, the question going forward is what is the nature of his current illness? If this is a hormonal issue, there's a good chance he can come back. However, if cancer has reoccured or if his liver is failing, it's unlikely he can come back, but regardless, he should back away from ALL business obligations and concentrate on his health. My opinion is that any business pressure whatsoever can interfere with recovery, even if he is a workaholic and loves every minute of it.
Why doesn't he try devoting some time to philanthropy with his billions, set up a foundation, before it's too late. Helping the disenfranchised is a noble cause- not just selling techno gizmos to the rich and capable.
Why doesn't he try devoting some time to philanthropy with his billions, set up a foundation, before it's too late. Helping the disenfranchised is a noble cause- not just selling techno gizmos to the rich and capable.
You do what you want with your money, he'll do what he wants with his. You have zero authority to tell him what to do.