Disney shareholders re-elect Steve Jobs to board

Wed, 03/23/2011 - 11:05am
The Associated Press

Shareholders of The Walt Disney Co. re-elected its entire board including Apple Inc. CEO Steve Jobs, despite concerns over his health and his poor attendance at company board meetings.

Proxy advisory firm Glass Lewis & Co. had recommended voting against Jobs' re-election because he failed to attend 75 percent of the board meetings in fiscal 2010. Jobs became Disney's largest shareholder after it purchased Pixar Animation Studios in 2006 for $7.4 billion in stock. Jobs, who bankrolled Pixar when it was a fledgling movie house, now holds a 7.3 percent stake in Disney.

After the vote, Disney that it "considers itself fortunate to have Steve Jobs as a member of its board of directors."

The annual shareholders meeting finished early Wednesday in Salt Lake City.


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