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Apple's Steve Jobs Re-elected to Disney Board Despite Health Concerns

Wednesday, 23 Mar 2011 02:10 PM

Walt Disney Co. investors re-elected Apple Inc. Chief Executive Officer Steve Jobs to the board of the entertainment company, rejecting the views of proxy advisers who say health issues may impair his ability to serve.

Jobs, 56, was re-elected with 12 other nominees at the shareholder meeting today in Salt Lake City, with 74 percent of the votes cast backing the group, according to a preliminary count. Jobs owns 7.3 percent of Disney and is the largest shareholder. The AFL-CIO, with 3.8 million shares, said it voted against his re-election.

The advisory group Glass Lewis & Co. recommended investors withhold support for Jobs, citing his absence from meetings. Institutional Shareholder Services, Inc., stopping of urging rejection, said his attendance and “recent leave of absence from his primary employer, raises questions about his ability to fulfill his responsibilities as a director.”

Jobs has been on medical leave from Cupertino, Calif.-based Apple since Jan. 17, his third in the past seven years. He underwent surgery for pancreatic cancer in 2004 and had a liver transplant in 2009.

Investors in Burbank, California-based Disney also approved a company-backed proposal to seek an annual shareholder vote on executive pay. They also rejected a union proposal that would have barred the company from employing multiple tests to determine stock grants and bonuses for executives.

Disney gained 55 cents to $41.99 at 1:07 p.m. in New York Stock Exchange composite trading. It had advanced 10 percent this year before today.

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Walt Disney Co. investors re-elected Apple Inc. Chief Executive Officer Steve Jobs to the board of the entertainment company, rejecting the views of proxy advisers who say health issues may impair his ability to serve. Jobs, 56, was re-elected with 12 other nominees at the...
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2011-10-23
Wednesday, 23 Mar 2011 02:10 PM
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