It’s a pretty well-known fact that Steve Jobs of Apple fame is also on the board at Disney, and that he owns 7% of the company’s stock. Jobs was CEO of Pixar when Disney completed its purchase of the company in 2006, and has been one of Disney’s largest shareholders since.
Now, however, according to a LA Times article, a shareholder advisory firm called Institutional Shareholder Services (ISS) isn’t behind the decision to recommend Jobs to return to Disney’s board. They say that jobs has attended less than 75% of board and committee meetings in the last four years and that shareholders deserve more of an explanation as to why he was recommended to return.
Jobs has dealt with medical problems over the last number of years. He was diagnosed with pancreatic cancer in 2004, and had a liver transplant in 2009. These problems have led to numerous concerns about his health, including a mistaken report of Jobs’ death in August 2008, a six month leave of absence in 2009, and a medical leave of absence this past January. ISS usually deems medical issues to be a valid reason for director absences, but this may hurt his ability to fulfill his responsibilities as a director of the company.
It’s interesting news to say the least. Whether you agree with some of his philosophies or not, Jobs is a genius when it comes to technology and marketing. He also presided over Pixar during some very successful years. It’s hard to kick a guy like Jobs off of your board. Keep in mind, I’m not a shareholder, but I would feel comfortable having Steve Jobs even if it’s only 75% of the time.
I’m interested to hear what you think. Would you like more of an explanation on this? Would you like Jobs to stay on, or do you think he should go? Do you own stock, and how does that affect your opinion? Let me know!