Josh Ong
Bloomberg cited a tipster who said that Jobs' status on the Disney Board will go unchanged. Jobs joined the company's board in 2006 as part of the $7.4 billion acquisition of Pixar. He is also the media company's largest shareholder with a 7.4 percent stake.
He held onto his spot as a director during his most recent medical leave. In March, a federation of labor unions opposed Jobs' reelection to the media conglomerate's board because of absenteeism from the company's board meetings.
A prominent shareholder advisory firm also questioned whether he was fit to continue as a director. “Jobs’ poor attendance in three of the past four years, and recent leave of absence from his primary employer, raises questions about his ability to fulfill his responsibilities as a director of the company,†Institutional Shareholder Services wrote in a recommendation to shareholders.
In spite of the opposition, 74 percent of Disney shareholders voted to keep the same 12-member board, including Jobs, this spring.
Jobs announced his resignation as CEO in a letter late Wednesday, though he asked to stay on as Chairman of the Board, director and an Apple employee. The Board responded positively, while also following the recommended succession plan to appoint then-Chief Operating Officer Tim Cook to be the company's new head.
Wall Street quickly voiced support for the move, calling Cook "the ideal candidate" to replace Jobs. Apple stock was down 5 percent on Wednesday, but analysts remained bullish on the company and continued to recommend it to investors.
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10 Comments
If Steve is going to remain on the board of Apple and serve as chairman of that board, why not remain on the board of Disney?
Being a board member is not a huge time drain like being a CEO is.
My hope is that this proves that he is not dying as so many people want to paint things, but that he just realizes that he no longer has the energy to run a company as large as Apple full-time.
If Steve is going to remain on the board of Apple and serve as chairman of that board, why not remain on the board of Disney?
Being a board member is not a huge time drain like being a CEO is.
My hope is that this proves that he is not dying as so many people want to paint things, but that he just realizes that he no longer has the energy to run a company as large as Apple full-time.
Well said, I hope so as well
I just want to say, that Steve Jobs resigning as iCEO but staying on the boards of Apple and Disney, and Tim Cook taking over according to the succession plan, are all facts in one story, not 5 different stories. On Macrumors they sensibly put this all in one thread.
I think Jobs must be gravely sick, possibly preparing to go the next world, he would have soldiered on as CEO otherwise like he has been doing recently. I just re-watched his Stanford commencement speech again I think it's pretty clear his drive to be CEO of Apple is huge.
Of course, his wife and children may have given him an ultimatum, that he should seriously take time out and get healthy or they would give up on him. I've known a number of people close to me that quit their jobs under pressure from their family to get healthy.
I hope he gets better but I fear it may be too late.
What ever Steve decides to do, I hope he will do it for a long time to come. I still hope he shows up at a WWDC or a product introduction event here and then. I was always looking forward to these happenings, because I really liked his enthusiastic and charming way he presented his products.
Stay well Steve!