Warner Bros. Discovery, Inc. (WBD, Financial) has announced a strategic expansion of its Board of Directors, increasing the number of directors to thirteen. This decision, effective January 8, 2025, follows the departure of Li Haslett Chen and aligns with the company's Second Restated Certificate of Incorporation and Amended and Restated Bylaws.
The newly appointed directors, Anthony J. Noto and Joseph Levin, bring a wealth of experience and expertise to the board. Mr. Noto, who has been serving as the Chief Executive Officer of SoFi Technologies, Inc. since 2018, has a robust background in leading technology companies and strategic acquisitions. His previous roles include Chief Operations Officer and Chief Financial Officer at Twitter, Inc., as well as a partner at Goldman Sachs & Co.
Joseph Levin, the Chief Executive Officer of IAC Inc. since 2015, has been instrumental in IAC's growth and strategic direction. His experience spans various leadership roles, including CEO positions at Vimeo and Angi, Inc. Mr. Levin is set to transition to Executive Chairman of Angi and advisor to IAC by May 31, 2025.
Both Mr. Noto and Mr. Levin have been deemed "independent directors" under NASDAQ listing rules, ensuring their impartiality and commitment to the company's governance. Their initial terms will extend until Warner Bros. Discovery's 2025 Annual Meeting of Stockholders, where they are expected to stand for election.
In terms of compensation, each director will receive stock retainers valued at $240,000 and cash retainers of $105,000, reflecting the updated compensation program for non-employee directors post the 2024 annual meeting.
Warner Bros. Discovery continues to maintain commercial relationships with SoFi and Angi, with both companies purchasing advertising on Warner Bros. Discovery's platforms. These transactions are conducted under customary rates and terms, contributing to the company's revenue streams.
The appointments of Mr. Noto and Mr. Levin are part of Warner Bros. Discovery's ongoing efforts to strengthen its leadership team and navigate the evolving media landscape effectively.
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