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Disney Permanently Separates CEO, Chairman Jobs

by on January 7, 2005

The Walt Disney Company board of directors today said it has made it permanent policy to separate the roles of Chief Executive Officer and Chairman. This in response to criticism and requests from Disney shareholders.

The board amended corporate governance guidelines to read as follows:

The chairman of the board shall be an independent director unless the board concludes that the best interests of shareholders would otherwise be better served.

A written explanation in the company’s proxy materials would also be required if the two jobs were to ever again be held by a single person.

[Source: Reuters]

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