Disney is no stranger to tough business battles.
©Disney | Walt Disney Company Headquarters
We’ve seen political controversy, attempted (and successful) mutinies, and outside proxy battles that could impact the future of the Walt Disney Company for years to come. Once again, Nelson Peltz and others have attempted to gain seats on Disney’s Board of Directors, with the Annual Meeting of Shareholders taking place in April. Disney is urging shareholders to vote for its nominees rather than outside candidates, and now Bob Iger is doing the same in a new video.
Disney has released a new video starring CEO Bob Iger urging shareholders to vote for its slate of 12 nominees for the Company’s Board of Directors.
As a bit of a recap, the 2024 Walt Disney Company Annual Meeting of Shareholders is taking place on April 3rd. That’s when shareholders of the Walt Disney Company will vote on Nelson Peltz’s (and others’) attempt to gain seats on the Board of Directors.
©Disney
Trian nominated Peltz and former Disney CFO James Rasulo to the Walt Disney Company board back in December. They later released a statement that said the group “Believes the Disney Board’s lack of focus, alignment, and accountability has resulted in chronic underperformance at one of the world’s most iconic companies.”
©Disney
And now, Iger himself is urging shareholders to vote with Disney in the proxy fight, saying, “I’m urging you to vote FOR the Disney Board’s recommended slate of nominees on the white proxy card, and NOT to vote for the nominees presented by these activist hedge funds.”
He reminded shareholders that “the leadership team at our company is experienced and highly motivated” and that they, as shareholders, “have the power to make sure we are able to continue our momentum from the past year.”
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Disney has previously specified that “the Board does NOT endorse the nominations of Nelson Peltz and James Rasulo put forth by Trian Fund Management, L.P. and its affiliates, led by Nelson Peltz and supported by former Disney executive Isaac Perlmutter (collectively, the “Trian Group”).” The notice went on to say, “The Board recommends that shareholders do not vote for the Trian Group nominees, and that they reject a related proposal from the Trian Group to amend the Company Bylaws.”
Disney also made it clear that the Board “does not endorse the nominations of Craig Hatkoff, Jessica Schell and Leah Solivan put forth for election as directors by Blackwells Onshore I LLC, Blackwells Capital LLC and Jason Aintabi (collectively, the “Blackwells Group”).”
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We also recently got quite a few updates during Disney’s most recent earnings call — check out everything you missed in our roundup at this link! As for how the proxy battle might end up, we’ll have to wait for April 3rd. You can see Iger’s full video, courtesy of Scott Gustin, below:
NEW: In a new video, Disney CEO Bob Iger addresses shareholders saying their vote is "important to Disney's future." He also said the "major distractions we're facing from activist investors are exactly what we don't need." pic.twitter.com/qRBURJSygk
— Scott Gustin (@ScottGustin) February 12, 2024
In the meantime, we’ll continue to be on the lookout for updates on the proxy battle and annual shareholders meeting. For the latest Disney news, stay tuned to DFB.
Disney Enlisted the Help of an Unlikely Character in Its Proxy Battle — See More Here
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Just voted team Iger!
Sorry, Bob. New blood is needed at Disney. I believe that one of the reasons things seem stale at Disney is because you have been CEO too long. Disney’s recent SEC filing convinced me that changes are needed, since it appears you’re knowingly ignoring the disconnect between your political and culture war content in your new creative releases and the theme park environments and what a sizable portion of your customer base is willing to buy.
You are harming the customer trust in brand Disney. This can’t go on for ever. Time for you to get some much needed push-back.
While I hate to see hedge funds get a hold on Disney since most end up destroying and selling off to make money. I do agree they need to get rid of Igor and cut the salaries of the heads to reasonable rates instead of outrageous pays. Igor and the people before him have taken Disney out of Disney parks. They have a mountain filled with movies Walt created and could be used on TV today as well could up date some to more modern times. But the failure in park rides that have flopped and removal of Disney’s rides are a major issue as well as the cost they want people to pay. Its no longer family friendly but becoming a rich mans park only.