Ray Dolby to Retire From Board of Dolby Corporation

Posted by Joe Zaller
Dec 08 2010

Dolby Corporation today disclosed through an 8K filing with the Securities and Exchange Commission that company founder Ray Dolby will be retiring from the company’s board of directors.

The filing says that Dolby will not stand for reelection and retire from the Board, effective as of the date of the Company’s 2011 annual meeting of stockholders. 

Upon his retirement, Dolby will be appointed to the newly-created position of “Founder and Director Emeritus.” In this position, he will be entitled to attend meetings of the company’s board and its committees as an observer and to receive copies of the related meeting materials.

The company said that Dolby is not retiring because of a disagreement with the company on any matter relating to the company’s operations, policies or practices.

To fill the board vacancy created as a result of Ray Dolby’s planned retirement, the company’s board said that it will nominate Ray Dolby’s son, David Dolby, for election as a member of the Board at the Company’s 2011 annual meeting of stockholders. 

Immediately prior to David Dolby assuming the board position, he will resign as an employee of the company, and become a consultant to the board on technology strategy matters.  The company said that David Dolby’s annual compensation as a consultant to the board will be less than the annual compensation he received as an employee of the Company in fiscal 2010.

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