Shareholders Elect All 10 Directors at The Walt Disney Company Annual Meeting

Business Wire

PORTLAND, Ore.--(BUSINESS WIRE)--

Shareholders of The Walt Disney Company (DIS) at the 2014 Annual Meeting today elected all 10 members of the Board of Directors standing for re-election and supported Board recommendations on the Company’s auditor, the advisory vote on executive compensation, and an amendment to the Restated Certificate of Incorporation, based on preliminary results.

Disney Chairman and Chief Executive Officer Robert A. Iger welcomed shareholders to the meeting at The Keller Auditorium in Portland and introduced independent Lead Director Orin C. Smith, formerly President and Chief Executive Officer of Starbucks Corporation, and the other members of the Board of Directors.

"Fiscal 2013 was our third consecutive year of record results,” Mr. Iger told shareholders. “We increased revenue by 7% to a record $45 billion, which led to a record $6.1 billion in net income, up 8% over the year before.”

“These results drove total shareholder return of 27% for the year, compared to 20% for the S&P 500. And over the last five years, we’ve delivered total shareholder return of 113%, which is more than double the return generated by the S&P 500 for the same period,” Mr. Iger noted.

Mr. Iger also announced that the next D23 Expo, the ultimate Disney fan event, will take place August 14-16, 2015 in Anaheim, Calif.

Based on preliminary results, all Disney Directors standing for election were re-elected to the Board:

  • Susan E. Arnold
  • John S. Chen
  • Jack Dorsey
  • Robert A. Iger
  • Fred H. Langhammer
  • Aylwin B. Lewis
  • Monica C. Lozano
  • Robert W. Matschullat
  • Sheryl K. Sandberg
  • Orin C. Smith

Pursuant to the tenure policy in the Company’s corporate governance guidelines that limits board service to 15 years, Judith L. Estrin did not stand for re-election. “I want to thank Judy for her wise counsel, support, and friendship, and I join the entire board in expressing our sincere appreciation for Judy’s service,” Mr. Iger told shareholders. “I’d also like to take this opportunity to welcome our new board member, Jack Dorsey, who will serve as an independent director. As Chairman of Twitter and CEO of Square, Jack brings a valuable perspective to our board, especially in the technology and social media space.”

Shareholders ratified the appointment of PricewaterhouseCoopers LLP as the Company’s independent accountants for the fiscal year ending September 27, 2014. They also approved the advisory resolution on executive compensation and an amendment to the Restated Certificate of Incorporation that will provide shareholders the right to call a special meeting of stockholders.

Shareholders agreed with the Board in rejecting a shareholder proposal on acceleration of equity awards.

Final voting tallies from this year’s annual meeting are subject to certification by the Company’s inspector of elections, and will be included in the Company’s report to be filed with the Securities and Exchange Commission within the week.

About The Walt Disney Company:

The Walt Disney Company, together with its subsidiaries and affiliates, is a leading diversified international entertainment and media enterprise with five business segments: media networks, parks and resorts, studio entertainment, consumer products and interactive. Disney is a Dow 30 company and had annual revenues of $45 billion in its Fiscal Year 2013.

Forward Looking Statements:

Certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of management’s views and assumptions regarding future events and business performance as of the time the statements are made. Management does not undertake any obligation to update these statements. Actual events may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, as well as from developments beyond the Company's control, including international, political, health concern and military developments and changes in domestic and global economic conditions that may affect our businesses generally. Additional factors are set forth in the Company's Annual Report on Form 10-K for the year ended September 28, 2013 under Item 1A, "Risk Factors," and subsequent reports.

Contact:
The Walt Disney Company
Zenia Mucha, (818) 560-5300
zenia.mucha@disney.com
or
David Jefferson, (818) 560-4832
david.j.jefferson@disney.com

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