Yahoo Finance Oracle CEO Safra Catz Exits Disney Board After 6-Year Stint
Oracle CEO Safra Catz, who began serving on Disney’s board of directors in 2018, is exiting her board post.
No official reason was given for the move, which the company said would result in the board shrinking from 12 members to 11.
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One ingredient in her decision could well have been the involvement of Oracle Chairman Larry Ellison in Skydance Media’s pending merger with Paramount Global. In April, two members of Warner Bros. Discovery’s board, Steven Newhouse and Steven Miron, stepped down. Their departures came after the company found out that federal regulators were investigating whether their service on the board violated antitrust law against sitting on the boards of competing companies.
Board members at Disney, as with most public companies, are elected by shareholders every year at the company’s annual shareholder meeting. This year’s edition of Disney’s meeting, held virtually in April, was a particularly tumultuous one. Multiple sets of activist investors agitated for board seats and assailed the board for over-indulging CEO Bob Iger. The main proxy battle, waged by Nelson Peltz, cost the Trian Partners founder and the company tens of millions of dollars between them and resulted in a resounding defeat of Peltz and his running mate, ex-Disney CFO Jay Rasulo.
Many initiatives demanded by Peltz and other investors, including cost reductions and film studio improvements, had already been put in motion during Iger’s second tour of duty as CEO, which began in November 2022.
“Throughout her tenure on Disney’s board of directors, Safra has provided invaluable insight that has helped shape the company’s long-term strategic planning amid a rapidly changing technological landscape that affects our businesses,” Iger said in a press release. “Her contributions have been tremendous, and on behalf of The Walt Disney Company, I want to personally thank Safra for her years of service.”
Catz’s departure leaves three remaining female board members.
“I’ve been honored to serve on Disney’s Board, and I am especially proud of the work we’ve done to fortify the company’s unparalleled strengths and continue its rich legacy of innovation,” Catz said. “As I leave the Board today, I am grateful to have had the opportunity to work with Bob and his talented leadership team, and the accomplished members of the Disney Board. I wish the company and its employees every success in the future.”
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