"The Walt Disney Company (NYSE:DIS) Board of Directors has elected John E. Pepper, Jr., former chairman and CEO of Procter & Gamble and Orin C. Smith, former president and CEO of Starbucks Corp. as two new independent directors, effective January 1, 2006. With the election of Pepper and Smith, 11 of 13 directors on Disney's Board will be independent.
"By growing, cultivating and protecting some of the best known brands worldwide at Procter & Gamble and Starbucks, John and Orin bring invaluable global perspectives as well as proven commitments to social responsibility," said Senator George J. Mitchell, Disney chairman. "Disney shareholders will benefit from their decades of world-class leadership, finance and high profile consumer brand experience."
The Disney Board also declared an annual cash dividend of $0.27 per share, a 12.5% increase from last year's dividend, payable on January 6, 2006 to shareholders of record at the close of business December 12, 2005. "