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Wilson to leave Disney board after 21 years
Bloomberg News | Posted July 29, 2006
Walt Disney Co. said director Gary Wilson, who also is chairman of Northwest Airlines Corp., will step down from the board after 21 years.
Wilson is resigning effective Monday, the board said Friday in a U.S. Securities and Exchange Commission filing. His resignation was "pursuant to the length of service policy," Disney said.
Disney shareholders enacted a provision in 2002 that requires directors to offer their resignation every three years once they have served 12 years on the board. The board doesn't have to accept the resignation and can allow the director to serve for another three years.
A Disney spokesman said the company would not comment on why the board accepted the resignation of Wilson.
Wilson, 66, joined Disney in 1985 as chief financial officer.He left the company to engineer Northwest's leveraged buyout in 1989, but continued to serve on Disney's board.
Bloomberg News | Posted July 29, 2006
Walt Disney Co. said director Gary Wilson, who also is chairman of Northwest Airlines Corp., will step down from the board after 21 years.
Wilson is resigning effective Monday, the board said Friday in a U.S. Securities and Exchange Commission filing. His resignation was "pursuant to the length of service policy," Disney said.
Disney shareholders enacted a provision in 2002 that requires directors to offer their resignation every three years once they have served 12 years on the board. The board doesn't have to accept the resignation and can allow the director to serve for another three years.
A Disney spokesman said the company would not comment on why the board accepted the resignation of Wilson.
Wilson, 66, joined Disney in 1985 as chief financial officer.He left the company to engineer Northwest's leveraged buyout in 1989, but continued to serve on Disney's board.
