Warner Bros. Discovery just appointed new board members to the company. Warner Bros. announced the appointment of Anthony Noto, CEO of SoFi Technologies and Joey Levin the outgoing IAC CEO to its board of directors. WBD, the media giant is going through a major overhaul and is detaching cable TV businesses which has declined from streaming and studio operations. Warner Bros. restructuring is majorly to create a base for a potential sale or spinoff of its TV business, as more cable subscribers cut the cord.
Anthony Noto has already joined the board on January 8 and Levin shall be joining ghe board on February 1. They both are stated to stand up for election at the WBD’s 2025 annual stockholder meeting.
Warner Bros. new board compensation
Both new board Noto and Levin shall receive cash retainers of $105,000 and stock grants of $240,000 in 2025 for serving. This retainers is in accordance with WBD’s compensation program for all non-employee directors.
Warner Bros. Discovery board changes
Warner Bros. Discovery board changes decision follows a “comprehensive search process” led by the company board’s nominating and corporate governance committee that was “aided by a leading independent search firm.” WBD’s board will have 13 directors, 12 of whom are independent.
Why Anthony Noto?
Noto brings over two decades of senior leadership experience along with extensive media and technology expertise. Noto was appointed the CEO of SoFi in 2018. He also brings four years of executive experience with Twitter, now X, where he initially served as finance chief before taking on the role of chief operating officer.
What Levin brings to WBD?
Levin brings over two decades of experience across IAC’s group from mergers and acquisitions, strategy, and senior leadership experience. He served as CEO of IAC since 2015. He has contributed in overseeing IAC’s evolution through organic growth and acquisitions and a number of spin-offs.
As per IAC, Levin will step down as CEO, after the spinoff of its majority stake in home services unit Angi. He will then transition to the role of executive chairman of Angi.
Warner Bros. on new board
“Both Anthony and Joey are accomplished leaders with considerable experience in relevant industries and exceptional track records of driving growth, innovation and shareholder value,” said David Zaslav, CEO of Warner Bros. Discovery.
He added, “We are pleased to welcome two seasoned executives who will bring valuable insights and expertise to the Board”.
Noto and Levin’s appointment comes after WBD added attorney and John Malone’s nephew Daniel E. Sanchez to the board in September. Other WBD board members include Malone, Samuel Di Piazza Jr., Richard Fisher, Paul Gould, Debra Lee, Kenneth Lowe, Fazal Merchant, Paula Price and Geoffrey Yang.
Warner Bros. Discovery stock update
Warner Bros. Discovery stock closed at a price of $9.73 per share on Friday. WBD stock is down 8.9% year to date and around 6% in the past year.
