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Next month, Disney shareholders are set to vote on the company’s Board nominees. Find out why this former CEO is saying that the shareholders must side with Iger.
Board Nominees
The face-off between Disney and investor Nelson Peltz is almost here. On April 3rd shareholders will vote on the Disney Board nominees.
Peltz is trying for a seat for not only himself but also former Disney CFO Jay Rasulo. Peltz did not support the reappointment of Bob Iger in 2022.
This is not the first time Peltz has been after a seat on Disney’s board. He made a 2023 proxy attempt to gain a seat. However, Iger argued that he lacked expertise and recommended shareholders discard their ballots.
Who is Nelson Peltz?
Nelson Peltz is a founder of Trian Partners and an activist investor. Nelson Peltz’s Trian Fund Management has reportedly increased its stake in Disney to nearly 30 million shares.
Trian is one of Disney’s largest investors.
Trian is one of Disney’s largest investors. His stake is worth an estimated $2.5 billion.
Eisner’s Statement
Michael Eisner was Disney’s CEO from 1984 to 2005. He has now endorsed Bob Iger, current Disney CEO, and the company’s board nominees. See below for Eisner’s statement to DealBook:
In 1983, Disney was under attack by corporate raiders trying to take over the company. That would have ended the Disney Company as we know it, for the studio, theme parks, and hotels were suggested to be sold off. The board turned to me and Frank Wells, and a different story was written, one that was continued by Bob Iger and his executive team.
Today, a similar situation exists, so let’s remember the lessons from 40 years ago. Bringing in someone who doesn’t have experience in the company or the industry to disrupt Bob and his eventual successor is playing not only with fire but earthquakes and hurricanes as well. The company is now in excellent hands and Disney shareholders should vote for the Disney slate.
-Michael Eisner
Disney has also received support from George Lucas, proxy advisory firm Glass Lewis, and heirs to Walt and Roy Disney. However, the proxy advisory firm Institutional Shareholder Services (ISS) recommended Disney shareholders nominate Nelson Peltz to the Board.
Reminder, voting will take place at the annual shareholders meeting on April 3rd.
What do you think of Eisner’s statement? Do you want to see Peltz or Rasulo on the Board? Let us know in the comments below and be sure to share this post with a friend.
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JW
Friday 22nd of March 2024
Iger/Chapek/Iger are not what the Disney corporation needs. As a shareholder, I'm willing to gamble on Peltz. Since the covid shutdowns, visits to Disney World aren't nearly as fun. Planning is terrible, perks have disappeared, and guests are being nickel-and-dimed to death! Something needs to change, and it's obvious Iget isn't going to do anything.