The Walt Disney Company announced Monday that Twitter co-founder Jack Dorsey is joining their board of directors.
The announcement was made by chairman and chief executive Robert A. Iger whose other reports have received a lower pay for this year compared to 2012 due to performance issues.
“Jack Dorsey is a talented entrepreneur who has helped create groundbreaking new businesses in the social media and commerce spaces,” Iger said in a statement. “The perspective he brings to Disney and its Board is extremely valuable, given our strategic priorities, which include utilizing the latest technologies and platforms to reach more people and to enhance the relationship we have with our customers.”
Jack Dorsey is a popular businessman for co-founding and co-creating the online social networking site Twitter in 2006. He also founded the mobile payments company Square Inc. in 2009 where he is currently CEO.
Based on how the two companies performance, it seems that Disney has made a good decision for inviting him in the company. Twitter recently began its own IPO with a starting valuation of $31 billion. As of December 13, it has reached a market cap of $32.76 billion. Meanwhile, Square Inc. with its main product Square Wallet is also making its name in mobile payments as the app is available for iPhone, iPod Touch, iPad and Android-based devices.
While the end of this year is good news for Dorsey, it is different story for Iger. A Reuters report said his fiscal 2013 compensation was down by 15 percent and his bonus was also down by $3 million.
The U.S. Securities and Exchange Commission filings on Monday explained that he wasn’t able to do better than his targets. He has received a total of $13.6 million as performance bonus. He will also keep his $2.5 million salary until his contract ends on June 2016.
