Disney Board Director Safra Catz Departs After 6 Years
Oracle CEO Safra Catz is departing the Walt Disney Company’s board of directors after six years, the entertainment giant announced on Friday.
According to a U.S. Securities and Exchange Commission filing, Catz informed the board of her resignation on Thursday, with it taking effect the same day. An explanation for the exit was not provided.
“I’ve been honored to serve on Disney’s Board, and I am especially proud of the work we’ve done to fortify the company’s unparalleled strengths and continue its rich legacy of innovation,” Catz said in a statement. “As I leave the Board today, I am grateful to have had the opportunity to work with Bob and his talented leadership team, and the accomplished members of the Disney Board. I wish the company and its employees every success in the future.”
Following her departure, Disney’s board will be comprised of a total of 11 directors.
“Throughout her tenure on Disney’s Board of Directors, Safra has provided invaluable insight that has helped shape the company’s long-term strategic planning amid a rapidly changing technological landscape that affects our businesses,” Disney CEO Bob Iger added. “Her contributions have been tremendous, and on behalf of The Walt Disney Company, I want to personally thank Safra for her years of service.”
Catz was first elected to Disney’s board in December 2017 and officially started in the role on Feb. 1, 2018. During her tenure, Disney was the target of a proxy battle with Trian Fund Management co-founder Nelson Peltz, who attempted to obtain two board seats.
He argued that the House of Mouse has “woefully underperformed its peers and potential,” which he blamed on the board being “too closely connected to a long-tenured CEO and too disconnected from shareholders’ interests,” and that they lacked “objectivity as well as focus, alignment and accountability.” He specifically slammed the board for overpaying for the Fox acquisition, Disney’s streaming losses, approving “over-the-top” compensation packages for Iger and botching CEO succession with the appointment of Bob Chapek.
Though Peltz did not directly target Catz’s board seat, he argued that Disney’s total shareholder return fell 11% during her tenure, a 63% drop compared to the S&P 500’s 52% gain during the same period.
Peltz would ultimately lose in Disney’s board election at its annual meeting in April, with the entertainment giant’s full incumbent director slate being re-elected. Catz received a total of 1,115,731,749 votes in her favor, compared to 74,564,259 withhold votes. Approximately 1.26 billion shares, or 68.95% of the company’s total 1.83 billion outstanding shares, were represented at the meeting.
Catz was named CEO of Oracle in 2014 after previously serving as the software giant’s president from 2004-2014; its chief financial officer from 2011-2014 and 2005 to 2008; and various other positions within the company since 1999.
Oracle was co-founded by Larry Ellison, who recently contributed $6 billion to his son David Ellison’s acquisition of National Amusements and merger between Skydance Media and Paramount Global. That deal is slated to close in the third quarter of 2025, subject to regulatory approval and customary closing conditions.
In addition to Disney, Catz has been an Oracle board member since 2008 and served as a director of HSBC Holdings from 2008-2015.
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