Two members of Warner Bros. Discovery's (NASDAQ: NASDAQ:WBD) Board of Directors, Steven A. Miron and Steven O. Newhouse, have resigned from their positions, as informed to the board on Thursday. Their resignations from the board and its committees were effective immediately on the same day, March 29, 2024.
Miron and Newhouse, both serving as Class III directors, were set to remain in their roles until the company's 2025 Annual Meeting of Stockholders. Miron contributed as a member of the Compensation Committee, while Newhouse was part of the Nominating and Corporate Governance Committee. According to the company's statement, their departures were not due to any disagreements with Warner Bros. Discovery regarding its operations, policies, or practices.
In response to the resignations, Warner Bros. Discovery's Board took action today to downsize its membership. The Board passed a resolution to decrease the number of directors from thirteen to eleven. This decision aligns with the company's Second Restated Certificate of Incorporation and its Amended and Restated Bylaws.
The reduction in board size is a significant change for Warner Bros. Discovery, a media and entertainment conglomerate that has been navigating a dynamic industry landscape. The company has not specified the reasons for the resignations of Miron and Newhouse or the impact their departures may have on the board's functionality.
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