David Geffen, as has been reported for months, is bowing out of the film industry. We wondered if this retirement from Hollywood was a retirement altogether, but since we’ve lost David’s mobile phone number, we may never know.
Anyways, Monday’s NY Times story about Geffen’s Hollywood legacy and DreamWorks dealmaking noted that while he’s no longer part of the live action studio’s second version, he is still on the board of DreamWorks Animation, the separate, publicly-traded studio behind Kung Fu Panda and Shrek.
Well, not anymore. Geffen’s stepped down from the DWA board.
Variety: DreamWorks Animation announced on Tuesday that the company co-founder is ankling the toon studio’s board. Move comes soon after he declined to join the newly formed DreamWorks Studios following its departure from Paramount.
Mogul remains a major shareholder in DreamWorks Animation, with approximately 22% of the company’s voting power. It’s not clear how much of that he’ll maintain now that he has left the board. However, company rules require that Geffen’s take, combined with that of CEO Jeffrey Katzenberg, who has 47% of the voting stock, retain majority control.
“As one of DreamWorks’ original founders, his vision and commitment have been vital throughout our 14-year history,” Katzenberg said on a conference call with analysts. “I look forward to working with David as a trusted adviser going forward.”
Ok, so we guess he won’t completely sail off into the sunset. That’s actually kind of comforting.
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