Walt Disney Co.’s board of directors has filled a vacancy. So, in the new year a new executive is going to commence the duties in one of the largest corporations in the world. In late December, sources familiar with the situation confirmed the information about the newcomer in Walt Disney’s management. Jack Dorsey, a co-founder of social networking and microblogging service Twitter Inc., was appointed as an acting independent director. According to his labor contract, Jack has already taken over the immediate responsibilities. Mr Dorsey will stand for election concerning his final approval for the full term at the annual meeting of shareholders on March 18, 2014. If voting runs smoothly, the newly elected executive will join the board of directors enjoying the full rights. Pursuant to the tenure policy in the company’s corporate governance guidelines that limits board service to 15 years, Judith L. Estrin will not be standing for re-election. She served as a senior vice president of Cisco Systems Inc. for 15 years. The company’s bylaw tells that she cannot apply for a management position after her term expires. Meanwhile, Jack Dorsey is going to take up her position. It should be reminded that Mr Dorsey posted the world’s first Tweet in 2006. The microblogging service was initially called Obvious, soon it got its new name, Twitter. Prior to becoming Twitter’s chairman of the board in 2008, Mr Dorsey was its president and chief executive officer. Apart from the world famous Twitter, in 2009 Jack Dorsey invented and launched Square, a payment service via mobile devices. In the meantime, analysts hardly dare to predict what impact such a reshuffle in the senior management might have on the shares’ value of both companies.
