Oracle CEO Safra Catz steps down from Disney’s board of directors

Disney has announced that Safra Catz, Oracle's CEO, is stepping down from its board of directors after six years.

Neither Disney nor Catz has provided a reason for her departure. With Catz leaving, Disney’s board size will decrease from 12 to 11 members. Catz notified Disney of her decision on Thursday, July 18, according to a filing with the SEC.

Earlier this year, Disney’s board was in the spotlight when activist investor Nelson Peltz sought two board seats—one for himself and one for former Disney CFO Jay Rasulo—through a prolonged proxy battle. Peltz criticized the board for not properly vetting a successor for CEO Bob Iger. At Disney’s April annual meeting, shareholders re-elected all 12 directors, including Catz, and rejected Peltz’s Trian Partners and another investment firm aiming to reform the board.

Disney CEO Bob Iger said, “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. 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 commented, “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. 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.”