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Bloomberg: Jobs to stay on Disney board of directors

updated 10:35 pm EDT, Wed August 24, 2011

Plans to continue participating at both companies

Despite his resignation earlier today as CEO of Apple, Steve Jobs is not planning to vacate his seat on the Disney board of directors, reports Bloomberg. Jobs is Disney's largest individual shareholder, with a 7.4 percent stake in the company. Though the Bloomberg report quoted unnamed sources "with knowledge of the matter" as its source, the story echoes earlier reports from CNBC.

Along with the letter of resignation, Jobs and Apple have moved to reassure worried investors, who caused the stock to drop five percent in value in after-hours trading. Jobs, in his resignation letter, asked to be named Chairman of Apple and made a director and Apple employee. The board acted swiftly in both naming Jobs' chosen successor, Tim Cook, as CEO and granting Jobs' requests.

Leaks over the course of the evening -- presumably from those near Jobs -- have said he intends to stay involved with Apple and Disney in a broad, big-picture sense, rather than the detailed management he was once known for. Jobs resigned as CEO by saying he felt he could no longer perform his duties in that capacity.

Cook and other executives from both Pixar Studios and Apple are known to be in regular communication with Jobs, a situation that has been going on since his extended medical leave, which was announced in January. [via Bloomberg]






by MacNN Staff

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