Disney is moving heavily into online delivery of its TV shows and movies as viewers abandon traditional cable, and at one point had explored an acquisition of Twitter. At the same time, Twitter and Facebook are trying to attract audiences to video content on their platforms.
"Given our evolving business and the businesses Ms. Sandberg and Mr. Dorsey are in, it has become increasingly difficult for them to avoid conflicts relating to board matters, and they are not standing for re-election," Disney said in a statement.
Lead independent director Orin Smith, former CEO of Starbucks Corp
The departures take effect in March at the time of Disney`s annual meeting, when shareholders will be asked to re-elect 10 other board members. They include General Motors
The board will select a new lead independent director when it meets after the annual meeting, Disney said.
Representatives for Facebook and Twitter had no comment.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.