Sandberg, Dorsey will not seek re-election to Disney board

Disney (NYSE:DIS) says Facebook (NASDAQ:FB) COO Sheryl Sandberg and Twitter (NYSE:TWTR) CEO Jack Dorsey will not be re-nominated to its board, citing conflicts of interest.

DIS proposed a slate of 10 directors in its annual proxy filing, and neither Sandberg nor Dorsey were included.

"Given our evolving business and the businesses Ms. Sandberg and Mr. Dorsey are in, it has become increasingly difficult for them to avoid conflicts relating to Board matters, and they are not standing for re-election" at the annual meeting in March, DIS says.

Longtime lead independent director Orin Smith also will step down from the board because he has reached DIS"s mandatory retirement age of 74, and Robert Matschullat will depart because of the board"s 15-year term limit.