Square CEO Jack Dorsey Elected to Disney Board

The Walt Disney Co.'s board of directors has elected Twitter and Square co-founder Jack Dorsey as an independent director.

"Jack Dorsey is a talented entrepreneur who has helped create groundbreaking new businesses in the social media and commerce spaces," says Robert Iger, Disney's chairman and CEO, in a Dec. 23 press release. "The perspective he brings to Disney and its board is extremely valuable, given our strategic priorities, which include utilizing the latest technologies and platforms to reach more people and enhance the relationship we have with our customers." 

There is some synergy between Dorsey as a payments innovator and Disney, which has tested wristbands that pair with a mobile app to execute contactless payments in its theme parks.

Square enables mostly smaller businesses to accept card payments, and recently redesigned its flagship card reader. The company also targets larger merchants with a mix of hardware and software.

Twitter has played more of an indirect role in payments, serving as a vessel for emerging-payments companies such as Chripify and Dwolla. The social blogging site recently hired Nathan Hubbard, the former Ticketmaster CEO, as head of commerce, possibly signaling a more active role in the payments industry. 

Dorsey, whose status as a Silicon Valley celebrity has also seen him inspire a comic book written by actress Alyssa Milano, will stand for election along with Disney's other directors at the annual meeting on March 18, 2014. Judith Estrin, who has served as a director for 15 years, will not stand for re-election due to Disney's tenure policy for board members. Estrin is CEO of JLABS, company that provides technology for business, government and nonprofit organizations, and has also served as chief technology officer for Cisco during her career.

Disney, Square and Twitter did not immediately respond to requests for comment.