The votes have been tallied, and Disney’s victory over the activist investor Nelson Peltz and his Trian Partners is final.
But thanks to a new filing with the Securities and Exchange Commission, we now have a sense of just how big a margin it was. Disney on Wednesday filed the “final, certified voting results” from the annual shareholder meeting, as tallied by its independent auditor First Coast Results, Inc.
Arguably the biggest winner was Disney CEO Bob Iger, who can now move forward with the “distracting” proxy fight behind him. Iger’s board seat was also up for a vote, and the filing shows that he secured about 94 percent of the votes, or 1,118,465,241 votes, with only 73,022,334 votes to withhold.
Peltz, meanwhile, was seeking to replace Maria Elena Lagomasino on the board, but only received 370,974,890 votes, compared to Lagomasino’s 749,857,222, with the current director beating him by a two-to-one margin.
But thanks to a new filing with the Securities and Exchange Commission, we now have a sense of just how big a margin it was. Disney on Wednesday filed the “final, certified voting results” from the annual shareholder meeting, as tallied by its independent auditor First Coast Results, Inc.
Arguably the biggest winner was Disney CEO Bob Iger, who can now move forward with the “distracting” proxy fight behind him. Iger’s board seat was also up for a vote, and the filing shows that he secured about 94 percent of the votes, or 1,118,465,241 votes, with only 73,022,334 votes to withhold.
Peltz, meanwhile, was seeking to replace Maria Elena Lagomasino on the board, but only received 370,974,890 votes, compared to Lagomasino’s 749,857,222, with the current director beating him by a two-to-one margin.
- 4/17/2024
- by Alex Weprin
- The Hollywood Reporter - Movie News
The moment that it started to seem possible that Bob Iger could lose the battle to keep dissident shareholder Nelson Peltz off the Disney board was on March 21, when leading proxy advisory firm Institutional Shareholder Services announced its support for the activist investor. Days later, the California Public Employees Retirement System (CalPERS) took it a step further, saying it was voting its shares not only for Peltz but for his associate, former Disney CFO Jay Rasulo. Now that it’s over, it’s fair to ask: What were they thinking?
Iss explained its decision by rattling off a string of issues, but the big one was succession, which had been notoriously botched with the Bob Chapek interregnum after Iger had postponed his retirement no fewer than four times. “Dissident nominee Peltz, as a significant shareholder, could be additive to the succession process, providing assurance to other investors that the board...
Iss explained its decision by rattling off a string of issues, but the big one was succession, which had been notoriously botched with the Bob Chapek interregnum after Iger had postponed his retirement no fewer than four times. “Dissident nominee Peltz, as a significant shareholder, could be additive to the succession process, providing assurance to other investors that the board...
- 4/10/2024
- by Kim Masters
- The Hollywood Reporter - Movie News
The Walt Disney Co. has released the official vote totals from its April 3 annual shareholder meeting, the event that featured the culmination of a proxy fight waged by Nelson Peltz.
The effort by Peltz’s Trian Fund Management to secure two seats on the company’s board of directors was vanquished by Chairman and CEO Bob Iger after campaigns costing each side tens of millions of dollars. Disney’s full slate of 12 board nominees ultimately got approved by shareholders and the meeting featured little of the drama that its build-up promised. Nevertheless, the clash sent a clear message about Iger’s stumbles with succession planning and other operational concerns among many investors.
Initial characterizations of the election results were provided by sources close to the voting last week, but not the final numbers, which were relayed in an SEC filing Tuesday.
Iger finished in fourth place among all board nominees.
The effort by Peltz’s Trian Fund Management to secure two seats on the company’s board of directors was vanquished by Chairman and CEO Bob Iger after campaigns costing each side tens of millions of dollars. Disney’s full slate of 12 board nominees ultimately got approved by shareholders and the meeting featured little of the drama that its build-up promised. Nevertheless, the clash sent a clear message about Iger’s stumbles with succession planning and other operational concerns among many investors.
Initial characterizations of the election results were provided by sources close to the voting last week, but not the final numbers, which were relayed in an SEC filing Tuesday.
Iger finished in fourth place among all board nominees.
- 4/9/2024
- by Dade Hayes
- Deadline Film + TV
Activist investor Nelson Peltz, reflecting on his losing proxy battle with Disney, says he will “watch and wait” to see if the company keeps its promises.
If it doesn’t, he told CNBC in an interview Thursday, “you’ll see me again.”
Asked by host Jim Cramer if reports were true that his firm, Trian Fund Management, had made $300 million on its Disney investment, Peltz called that figure “dramatically wrong.” When Cramer wondered if the gains were actually in the $1 billion range, Peltz replied, “that sounds more like it.”
The wavering performance of Disney’s stock performance, which brought it to multi-year lows last year, was one of the main complaints of Trian, along with the company’s approach to succession, streaming and film production. Since the proxy effort began, shares have rebounded strongly, climbing more than 35% in 2024 to date.
Trian’s months-long quest to install Peltz and former Disney...
If it doesn’t, he told CNBC in an interview Thursday, “you’ll see me again.”
Asked by host Jim Cramer if reports were true that his firm, Trian Fund Management, had made $300 million on its Disney investment, Peltz called that figure “dramatically wrong.” When Cramer wondered if the gains were actually in the $1 billion range, Peltz replied, “that sounds more like it.”
The wavering performance of Disney’s stock performance, which brought it to multi-year lows last year, was one of the main complaints of Trian, along with the company’s approach to succession, streaming and film production. Since the proxy effort began, shares have rebounded strongly, climbing more than 35% in 2024 to date.
Trian’s months-long quest to install Peltz and former Disney...
- 4/4/2024
- by Dade Hayes
- Deadline Film + TV
Fresh off his bruising loss in the proxy fight against The Walt Disney Co., the activist investor Nelson Peltz appeared on CNBC to discuss the fight in a conversation with Jim Cramer.
“I’m willing to give them the opportunity to prove me wrong; I’m willing to give them the opportunity to do as they say,” Peltz said. “The shareholders have voted. They want to give management and the board a chance. So, so be it. We will watch like we did last time.”
Peltz said he was “very surprised” that after the Institutional Shareholder Services recommendation in his favor, most institutional investors still voted for the Disney board.
“If you look at their comments, their comments were beautiful, they were very complimentary. But at the end of the day, they check the box and you’ll have to ask them why they did it,” Peltz added. “I’ve...
“I’m willing to give them the opportunity to prove me wrong; I’m willing to give them the opportunity to do as they say,” Peltz said. “The shareholders have voted. They want to give management and the board a chance. So, so be it. We will watch like we did last time.”
Peltz said he was “very surprised” that after the Institutional Shareholder Services recommendation in his favor, most institutional investors still voted for the Disney board.
“If you look at their comments, their comments were beautiful, they were very complimentary. But at the end of the day, they check the box and you’ll have to ask them why they did it,” Peltz added. “I’ve...
- 4/4/2024
- by Alex Weprin
- The Hollywood Reporter - Movie News
A day after Disney declared victory over activist investor Nelson Peltz, CEO Bob Iger said the board is proceeding with “urgency” in trying to identify the next chief executive with the “distraction” of the proxy fight over.
“This was decisive in terms of how shareholders voted,” Iger said in an appearance Thursday morning on CNBC from Disney’s Burbank, Calif., headquarters, about the results of the April 3 meeting.
Succession “is the board’s No. 1 priority,” Iger said, saying the board’s search committee to find a CEO successor met seven times in 2023 and plans to meet even more frequently this year. “They’re treating it with a sense of urgency because it is so important,” Iger said. The board is “taking it very, very seriously” because “I’m not going to be here forever.” Iger declined to provide a timeline for the selection of a new CEO; his contract extension...
“This was decisive in terms of how shareholders voted,” Iger said in an appearance Thursday morning on CNBC from Disney’s Burbank, Calif., headquarters, about the results of the April 3 meeting.
Succession “is the board’s No. 1 priority,” Iger said, saying the board’s search committee to find a CEO successor met seven times in 2023 and plans to meet even more frequently this year. “They’re treating it with a sense of urgency because it is so important,” Iger said. The board is “taking it very, very seriously” because “I’m not going to be here forever.” Iger declined to provide a timeline for the selection of a new CEO; his contract extension...
- 4/4/2024
- by Todd Spangler
- Variety Film + TV
A vicious proxy war has been erupting between Disney CEO Bob Iger and Trian Partners founder Nelson Peltz over the last three months regarding control of two seats on the company’s corporate board. Prominent figures from the entertainment and business industries have expressed interest in the board fight.
At Disney’s annual shareholders meeting on Wednesday, investors cast their votes for the board, and this was supposed to be the pivotal moment. Well, now, it is official: Peltz’s attempt to secure seats on the Mouse House board of directors was dismissed by Disney shareholders.
Nelson Peltz in an interview with CNBC
Investors ultimately voted to re-elect all twelve of the board members, including CEO Bob Iger, capping the most expensive corporate proxy battle in history. Also, note that the stock price dropped after all 12 of the company’s current directors were re-elected at the annual meeting.
Disney Shareholders...
At Disney’s annual shareholders meeting on Wednesday, investors cast their votes for the board, and this was supposed to be the pivotal moment. Well, now, it is official: Peltz’s attempt to secure seats on the Mouse House board of directors was dismissed by Disney shareholders.
Nelson Peltz in an interview with CNBC
Investors ultimately voted to re-elect all twelve of the board members, including CEO Bob Iger, capping the most expensive corporate proxy battle in history. Also, note that the stock price dropped after all 12 of the company’s current directors were re-elected at the annual meeting.
Disney Shareholders...
- 4/4/2024
- by Siddhika Prajapati
- FandomWire
In the end, Bob Iger didn’t have to break a sweat to fend off Nelson Peltz.
No question, Disney did have to spend tens of millions of dollars to fight the proxy battle with the activist investor, which came to a head on Wednesday with the Mouse House’s annual shareholders meeting. From the start, it was an extreme long shot that a majority of shareholders (or a majority of those who opted to cast a virtual vote) would turn against Iger and install Trian Partners founder Peltz and former Disney executive Jay Rasulo as board members, in opposition to Disney’s preferred slate of 12 incumbent directors.
On Wednesday, Iger was in prime form as Disney’s avuncular statesman, addressing the meeting in a pre-taped video filmed — where else? — at the happiest place on earth, aka Disneyland Resort in Anaheim, Calif. Disney’s shareholder meeting was entirely virtual this year,...
No question, Disney did have to spend tens of millions of dollars to fight the proxy battle with the activist investor, which came to a head on Wednesday with the Mouse House’s annual shareholders meeting. From the start, it was an extreme long shot that a majority of shareholders (or a majority of those who opted to cast a virtual vote) would turn against Iger and install Trian Partners founder Peltz and former Disney executive Jay Rasulo as board members, in opposition to Disney’s preferred slate of 12 incumbent directors.
On Wednesday, Iger was in prime form as Disney’s avuncular statesman, addressing the meeting in a pre-taped video filmed — where else? — at the happiest place on earth, aka Disneyland Resort in Anaheim, Calif. Disney’s shareholder meeting was entirely virtual this year,...
- 4/3/2024
- by Cynthia Littleton
- Variety Film + TV
Disney's long, costly fight to deny activist investor Nelson Peltz seats on the company's board of directors is over (for now). During today's annual shareholders meeting, Disney announced that investors had voted to reelect all 12 current board members. Peltz's Trian Partners investment firm had sought two seats (one for Peltz and another for Jay Rasulo), but according to Disney their bid fell short by a "significant margin."
Vote totals will be released later today, but specifying the apparent magnitude of Peltz's defeat feels like a bit of an endzone dance by CEO Bob Iger (who's repeatedly called this battle a "distraction" for the company) as well as a warning to the 81-year-old malcontent to knock it off.
Peltz has been waging this war since last year, and in theory, had cause to question the direction of the company given its precipitous stock slide in the wake of former CEO Bob Chapek's departure.
Vote totals will be released later today, but specifying the apparent magnitude of Peltz's defeat feels like a bit of an endzone dance by CEO Bob Iger (who's repeatedly called this battle a "distraction" for the company) as well as a warning to the 81-year-old malcontent to knock it off.
Peltz has been waging this war since last year, and in theory, had cause to question the direction of the company given its precipitous stock slide in the wake of former CEO Bob Chapek's departure.
- 4/3/2024
- by Jeremy Smith
- Slash Film
Walt Disney Co. CEO Bob Iger touted as a “win-win” the recent settlement of litigation with the Ron DeSantis-appointed special district board that oversees the company’s Florida theme park properties.
At the company shareholders meeting Wedenesday, Iger said that the settlement “will actually enable us to pursue the kinds of significant investment in our Florida parks.” During a long battle with DeSantis, Iger had previously raised some doubts about the company’s continued investments in its Florida properties. Iger also said that the investments will support “thousands of direct and indirect jobs and economic opportunity” in the state.
Last week, the board of the Central Florida Tourism Oversight District approved a settlement with the company. Disney agreed to set aside a set of development agreements it entered into with the special district in the final weeks before DeSantis’ allies took control. Those agreements, which ensured that the company would...
At the company shareholders meeting Wedenesday, Iger said that the settlement “will actually enable us to pursue the kinds of significant investment in our Florida parks.” During a long battle with DeSantis, Iger had previously raised some doubts about the company’s continued investments in its Florida properties. Iger also said that the investments will support “thousands of direct and indirect jobs and economic opportunity” in the state.
Last week, the board of the Central Florida Tourism Oversight District approved a settlement with the company. Disney agreed to set aside a set of development agreements it entered into with the special district in the final weeks before DeSantis’ allies took control. Those agreements, which ensured that the company would...
- 4/3/2024
- by Ted Johnson
- Deadline Film + TV
Uncork the champagne and prep the Disney yacht because the Walt Disney Company and CEO Bob Iger have reasons to celebrate after activist investor Nelson Peltz failed to secure a seat on the board for himself and former Disney CEO Jay Rasulo.
Peltz aimed to kick Disney directors Maria Elena Lagomasino and Michael Froman from their prominent positions, replacing them with Peltz and Rasulo. Peltz failed after launching an aggressive campaign in January via his Trian Partners. Still, the effort petered out in February after Iger announced a studio-wide reboot, causing Disney’s share prices to skyrocket.
The proxy battle between the mouse-eared company, Iger and Peltz, got nasty as both parties vowed to control the Walt Disney Company empire. Disney even went so far as to release a political-style ad framing Trian in a less-than-favorable light. Trian clapped back with a statement saying they were not targeting Iger but the board overall.
Peltz aimed to kick Disney directors Maria Elena Lagomasino and Michael Froman from their prominent positions, replacing them with Peltz and Rasulo. Peltz failed after launching an aggressive campaign in January via his Trian Partners. Still, the effort petered out in February after Iger announced a studio-wide reboot, causing Disney’s share prices to skyrocket.
The proxy battle between the mouse-eared company, Iger and Peltz, got nasty as both parties vowed to control the Walt Disney Company empire. Disney even went so far as to release a political-style ad framing Trian in a less-than-favorable light. Trian clapped back with a statement saying they were not targeting Iger but the board overall.
- 4/3/2024
- by Steve Seigh
- JoBlo.com
Scoring a big and costly win Wednesday against Nelson Peltz’s second attempt to get on the Disney board, Bob Iger was both gracious and a little biting in victory.
Once the vote results were announced this morning during Disney’s annual meeting of shareholders, the past and present CEO address the virtual meeting to thank “shareholders for your trust and confidence in the Disney board and management and the ambitious strategy we’re implementing across our businesses to build for the future.”
Of course, having had to fend off a direct challenge to his leadership from Peltz’s Trian Group and Ike Perlmutter behind the scenes, Iger also took a swing at his vanquished rivals today.
“Now that this distracting proxy contest is behind us, we’re here to focus 100% of our attention on our most important priorities, growth and value creation for our shareholders and creative excellence for our consumers,...
Once the vote results were announced this morning during Disney’s annual meeting of shareholders, the past and present CEO address the virtual meeting to thank “shareholders for your trust and confidence in the Disney board and management and the ambitious strategy we’re implementing across our businesses to build for the future.”
Of course, having had to fend off a direct challenge to his leadership from Peltz’s Trian Group and Ike Perlmutter behind the scenes, Iger also took a swing at his vanquished rivals today.
“Now that this distracting proxy contest is behind us, we’re here to focus 100% of our attention on our most important priorities, growth and value creation for our shareholders and creative excellence for our consumers,...
- 4/3/2024
- by Dominic Patten
- Deadline Film + TV
In a crucial endorsement of Disney CEO Bob Iger, shareholders have elected all 12 of the media giant’s board nominees, ending the proxy fight with activist investor Nelson Peltz of Trian Partners.
The result was declared at the annual shareholders meeting on Wednesday (April 3) after a months-long campaign over control for the board that reportedly cost Disney in the region of $40m and set Peltz back by some $20m.
Shareholders elected the 12 nominees recommended by the Disney board: Mary T. Barra, Safra A. Catz, Amy L. Chang, D. Jeremy Darroch, Carolyn N. Everson, Michael B.G. Froman, James P. Gorman,...
The result was declared at the annual shareholders meeting on Wednesday (April 3) after a months-long campaign over control for the board that reportedly cost Disney in the region of $40m and set Peltz back by some $20m.
Shareholders elected the 12 nominees recommended by the Disney board: Mary T. Barra, Safra A. Catz, Amy L. Chang, D. Jeremy Darroch, Carolyn N. Everson, Michael B.G. Froman, James P. Gorman,...
- 4/3/2024
- ScreenDaily
Disney has won its proxy fight with activist investor Nelson Peltz of Trian Partners after shareholders elected all 12 of the media giant’s board nominees which included CEO Bob Iger.
The result was declared at the media giant’s annual shareholders meeting on Wednesday (April 3), ending months-long and costly campaigning over control for the board.
Shareholders elected the 12 nominees recommended by the Disney board: Mary T. Barra, Safra A. Catz, Amy L. Chang, D. Jeremy Darroch, Carolyn N. Everson, Michael B.G. Froman, James P. Gorman, Robert A. Iger, Maria Elena Lagomasino, Calvin R. McDonald, Mark G. Parker, and Derica W.
The result was declared at the media giant’s annual shareholders meeting on Wednesday (April 3), ending months-long and costly campaigning over control for the board.
Shareholders elected the 12 nominees recommended by the Disney board: Mary T. Barra, Safra A. Catz, Amy L. Chang, D. Jeremy Darroch, Carolyn N. Everson, Michael B.G. Froman, James P. Gorman, Robert A. Iger, Maria Elena Lagomasino, Calvin R. McDonald, Mark G. Parker, and Derica W.
- 4/3/2024
- ScreenDaily
Disney has succeeded in barring Nelson Peltz from its board of directors as shareholders at the company’s hotly anticipated annual meeting today voted in its slate of 12 nominees, fending off outsiders. It was a months-long bitter and costly fight.
The numbers are preliminary with official results still to be announced, but Disney said its full board slate was elected “by a substantial margin” over the nominees of Trian Group and Blackwells. Trian, Peltz’ investment firm, nominated the activist investor along with former Disney executive Jay Rasulo for the board. Another firm, Blackwells, had three nominees that never got much traction.
According to a few stats Disney provided, this was Peltz’ biggest-ever loss in a proxy fight — and he’s engaged in a few. Peltz received less than 31% of the vote. CEO Bob Iger, also on the board of course, had 94% support.
Peltz lost to Disney director Maria Elena Lagomasino by two to one,...
The numbers are preliminary with official results still to be announced, but Disney said its full board slate was elected “by a substantial margin” over the nominees of Trian Group and Blackwells. Trian, Peltz’ investment firm, nominated the activist investor along with former Disney executive Jay Rasulo for the board. Another firm, Blackwells, had three nominees that never got much traction.
According to a few stats Disney provided, this was Peltz’ biggest-ever loss in a proxy fight — and he’s engaged in a few. Peltz received less than 31% of the vote. CEO Bob Iger, also on the board of course, had 94% support.
Peltz lost to Disney director Maria Elena Lagomasino by two to one,...
- 4/3/2024
- by Jill Goldsmith
- Deadline Film + TV
In a win for The Walt Disney Co. and CEO Bob Iger, Disney says that all of its director nominees have been elected by shareholders, rebuffing the activist investor Nelson Peltz, who had been running a high-profile campaign to put himself and former Disney CFO Jay Rasulo on the company’s board.
Disney announced the preliminary result at the end of its annual shareholder meeting Thursday, noting that final results will be filed with the SEC later.
Peltz’s Trian Partners had been seeking to oust Disney directors Maria Elena Lagomasino and Michael Froman, replacing them with Peltz and former Disney CFO Jay Rasulo.
A source says that Iger secured 94% of the vote for his board seat. Lagomasino beat Peltz by a margin of about two to one, with the activist securing about 30% of the vote for his seat. Rasulo lost his vote by a margin of five to one.
Disney announced the preliminary result at the end of its annual shareholder meeting Thursday, noting that final results will be filed with the SEC later.
Peltz’s Trian Partners had been seeking to oust Disney directors Maria Elena Lagomasino and Michael Froman, replacing them with Peltz and former Disney CFO Jay Rasulo.
A source says that Iger secured 94% of the vote for his board seat. Lagomasino beat Peltz by a margin of about two to one, with the activist securing about 30% of the vote for his seat. Rasulo lost his vote by a margin of five to one.
- 4/3/2024
- by Alex Weprin
- The Hollywood Reporter - Movie News
It’s official: Disney shareholders shot down activist investor Nelson Peltz’s effort to win seats on the Mouse House’s board of directors. Investors voted to reelect all 12 of the company-backed board members, including CEO Bob Iger, ending the most expensive corporate proxy fight in history.
The voting results for Disney board candidates were announced Wednesday at the company’s 2024 meeting of shareholders, held virtually. Peltz, who heads investment firm Trian Partners, failed to get enough votes in his favor to clinch a board seat.
Horacio Gutierrez, Disney’s senior EVP, chief legal and compliance officer, who oversaw the proceedings at the meeting, said that the preliminary vote tabulations showed Disney’s 12 directors had won reelection by a “substantial margin” over the candidates nominated by Trian and a smaller investment firm, Blackwells Capital. (See the full list below.) He said the final vote counts will be disclosed in subsequent meeting minutes.
The voting results for Disney board candidates were announced Wednesday at the company’s 2024 meeting of shareholders, held virtually. Peltz, who heads investment firm Trian Partners, failed to get enough votes in his favor to clinch a board seat.
Horacio Gutierrez, Disney’s senior EVP, chief legal and compliance officer, who oversaw the proceedings at the meeting, said that the preliminary vote tabulations showed Disney’s 12 directors had won reelection by a “substantial margin” over the candidates nominated by Trian and a smaller investment firm, Blackwells Capital. (See the full list below.) He said the final vote counts will be disclosed in subsequent meeting minutes.
- 4/3/2024
- by Todd Spangler
- Variety Film + TV
Elon Musk is once again garnering the spotlight with his recent statement, backing up an activist investor, Nelson Peltz as the latter actively tries to join the Disney Board. The company is facing an intense showdown over seats on Disney’s board of directors which will end at their annual shareholders meeting.
Elon Musk on Full Send Podcast
The media giant announced its 12 board nominees in January, including CEO Bob Iger. In a few days, Peltz’ Trian Partners, who owns a 1.5% stake in Disney is vying for two board seats – one for its co-founder, Peltz, and another for ex-Disney chief financial officer Jay Rasulo. As results are awaited, Musk takes his stance in Peltz’s favor.
Elon Musk Supports Nelson Peltz in the Proxy Battle for Disney
As the voting to select Disney’s board of directors closed last night, Tesla owner Elon Musk took to X to express his support for activist investor,...
Elon Musk on Full Send Podcast
The media giant announced its 12 board nominees in January, including CEO Bob Iger. In a few days, Peltz’ Trian Partners, who owns a 1.5% stake in Disney is vying for two board seats – one for its co-founder, Peltz, and another for ex-Disney chief financial officer Jay Rasulo. As results are awaited, Musk takes his stance in Peltz’s favor.
Elon Musk Supports Nelson Peltz in the Proxy Battle for Disney
As the voting to select Disney’s board of directors closed last night, Tesla owner Elon Musk took to X to express his support for activist investor,...
- 4/3/2024
- by Priya Sharma
- FandomWire
Elon Musk is backing Nelson Peltz in the proxy battle for the future of Disney.
Onlookers are waiting with baited breath after the bitter voting to select Disney’s board of directors closed last night, with CEO Bob Iger’s nominees appearing likely to win out. However, that didn’t stop X/Twitter and Tesla owner Musk taking to social media this morning to provide his two cents.
He wrote: “Nelson Peltz should definitely be on the Disney board! He would help reform the company, improve the quality of product and generally serve in the best interests of shareholders, as he has done at many other companies. This would significantly improve Disney’s share price.”
Nelson Peltz should definitely be on the Disney board!
He would help reform the company, improve the quality of product and generally serve in the best interests of shareholders, as he has done at many other companies.
Onlookers are waiting with baited breath after the bitter voting to select Disney’s board of directors closed last night, with CEO Bob Iger’s nominees appearing likely to win out. However, that didn’t stop X/Twitter and Tesla owner Musk taking to social media this morning to provide his two cents.
He wrote: “Nelson Peltz should definitely be on the Disney board! He would help reform the company, improve the quality of product and generally serve in the best interests of shareholders, as he has done at many other companies. This would significantly improve Disney’s share price.”
Nelson Peltz should definitely be on the Disney board!
He would help reform the company, improve the quality of product and generally serve in the best interests of shareholders, as he has done at many other companies.
- 4/3/2024
- by Jesse Whittock
- Deadline Film + TV
The minutes are ticking down to the close of Disney’s bitter proxy fight with Nelson Peltz, whose attempt to scale the board is a direct challenge to CEO Bob Iger.
Barring any hanging chads, results from voting for members of the board of directors will be revealed Wednesday at the company’s annual shareholder meeting at 1 p.m. Et / 10 a.m. Pt. (Polls officially close at 11:59 p.m. Et tonight.) Iger fought, and authorized the spending of $40 million, to quash the interloper activist investor, but win or lose, he invited the fight by botching succession.
Fumbled regime change became Peltz’s rallying cry, far more compelling that his thoughts on strategy. It’s the reason the race was so hard-fought. Iss, the most influential proxy advisory service, dealt perhaps the biggest blow to the company by backing Peltz in a move reminiscent of its withholding votes from then-ceo...
Barring any hanging chads, results from voting for members of the board of directors will be revealed Wednesday at the company’s annual shareholder meeting at 1 p.m. Et / 10 a.m. Pt. (Polls officially close at 11:59 p.m. Et tonight.) Iger fought, and authorized the spending of $40 million, to quash the interloper activist investor, but win or lose, he invited the fight by botching succession.
Fumbled regime change became Peltz’s rallying cry, far more compelling that his thoughts on strategy. It’s the reason the race was so hard-fought. Iss, the most influential proxy advisory service, dealt perhaps the biggest blow to the company by backing Peltz in a move reminiscent of its withholding votes from then-ceo...
- 4/3/2024
- by Dade Hayes, Jill Goldsmith and Dominic Patten
- Deadline Film + TV
The entertainment industry and Wall Street will be paying close attention to Disney’s annual shareholder meeting on Wednesday (April 3).
That is when the 12-person board will finally be revealed after a protracted proxy battle between the company led by CEO Bob Iger and the billionaire activist investor Nelson Peltz, who co-founded Trian Fund Management which controls approximately $3bn of Disney stock.
Each side has mounted multi-million dollar campaigns to persuade institutional and individual or retail shareholders to elect their preferred board directors. The latter group may play a key role in the vote as they collectively hold some 40% of...
That is when the 12-person board will finally be revealed after a protracted proxy battle between the company led by CEO Bob Iger and the billionaire activist investor Nelson Peltz, who co-founded Trian Fund Management which controls approximately $3bn of Disney stock.
Each side has mounted multi-million dollar campaigns to persuade institutional and individual or retail shareholders to elect their preferred board directors. The latter group may play a key role in the vote as they collectively hold some 40% of...
- 4/2/2024
- ScreenDaily
Disney may have nudged Nelson Peltz farther from its board as giant BlackRock is said to be backing the company’s slate of directors. The firm is Disney’s second-largest shareholder at about 4.2%.
The news, first reported in the Wall Street Journal, followed T. Rowe Price, an 0.5% owner, coming out in support of CEO Bob Iger and Disney as shareholders head into the last day of voting ahead of the annual meeting set for Wednesday at 10 am Pt/1 pm Et. The board has over the past three months been the focus of the most expensive proxy fight on record pitting directors and CEO Bob Iger against Peltz, the billionaire activist investor who has pounded Disney on strategy, stock price and, mainly, poor succession planning.
The deadline for voting is 11:59 tonight. The WSJ said that over half of all shares had been voted so far, so things could still change.
The news, first reported in the Wall Street Journal, followed T. Rowe Price, an 0.5% owner, coming out in support of CEO Bob Iger and Disney as shareholders head into the last day of voting ahead of the annual meeting set for Wednesday at 10 am Pt/1 pm Et. The board has over the past three months been the focus of the most expensive proxy fight on record pitting directors and CEO Bob Iger against Peltz, the billionaire activist investor who has pounded Disney on strategy, stock price and, mainly, poor succession planning.
The deadline for voting is 11:59 tonight. The WSJ said that over half of all shares had been voted so far, so things could still change.
- 4/2/2024
- by Jill Goldsmith
- Deadline Film + TV
CalPERS, the influential California pension fund, has voted to shake up the Disney board by backing the election of activist investors Nelson Peltz and Jay Rasulo who have waged a months-long battle with CEO Bob Iger and the incumbent board of directors.
The California Public Employees Retirement System told Reuters that the fund had cast its votes for Trian Partners nominees Peltz and Rasulo as alternative directors to join the Disney board. The fund which manages more than $465 billion in assets, owns about 6.6 million Disney shares, making it one of the company’s top 30 investors. Disney declined to comment on the Reuters report.
“CalPERS believes Walt Disney Co will benefit from fresh eyes on its board of directors and voted its company shares in favor of candidates Nelson Peltz and Jay Rasulo,” the U.S. pension fund, which owned 6.65 million shares in the entertainment giant at the end of December,...
The California Public Employees Retirement System told Reuters that the fund had cast its votes for Trian Partners nominees Peltz and Rasulo as alternative directors to join the Disney board. The fund which manages more than $465 billion in assets, owns about 6.6 million Disney shares, making it one of the company’s top 30 investors. Disney declined to comment on the Reuters report.
“CalPERS believes Walt Disney Co will benefit from fresh eyes on its board of directors and voted its company shares in favor of candidates Nelson Peltz and Jay Rasulo,” the U.S. pension fund, which owned 6.65 million shares in the entertainment giant at the end of December,...
- 3/30/2024
- by William Earl
- Variety Film + TV
Around 100 hours before the deadline for all Disney shareholders to cast their ballots in the acrid board clash between the Mouse House and activist investor Nelson Peltz, one of the country’s top pension funds just rolled its cannons onto the battlefield.
With 6.7 million shares in Disney, the California Public Employees Retirement System (CalPERS) blew a hole late Friday through Bob Iger and supporters’ hard fought efforts to keep the Ike Perlmutter-backed Peltz and a former CFO from gaining seats on the board on April 3.
“CalPERS believes Walt Disney Co. will benefit from fresh eyes on its board of directors and voted its company shares in favor of candidates Nelson Peltz and Jay Rasulo,” John Myers, chief of the CalPERS Office of Public Affairs, told Deadline today.
While CalPERS says it will also vote for Iger and the likes of ex-Morgan Stanley boss James Gorman for the 12-member board,...
With 6.7 million shares in Disney, the California Public Employees Retirement System (CalPERS) blew a hole late Friday through Bob Iger and supporters’ hard fought efforts to keep the Ike Perlmutter-backed Peltz and a former CFO from gaining seats on the board on April 3.
“CalPERS believes Walt Disney Co. will benefit from fresh eyes on its board of directors and voted its company shares in favor of candidates Nelson Peltz and Jay Rasulo,” John Myers, chief of the CalPERS Office of Public Affairs, told Deadline today.
While CalPERS says it will also vote for Iger and the likes of ex-Morgan Stanley boss James Gorman for the 12-member board,...
- 3/30/2024
- by Dominic Patten
- Deadline Film + TV
The California Public Employees Retirement System (CalPERS) said the U.S. pension fund has voted to elect activist investor Nelson Peltz and Jay Rasulo to to the board of Walt Disney Company, Reuters reported Friday.
“CalPERS believes Walt Disney Co will benefit from fresh eyes on its board of directors and voted its company shares in favor of candidates Nelson Peltz and Jay Rasulo,” CalPERS, which owned 6.65 million shares in the media giant at the end of December, told the outlet.
CalPERS joins advisory firm Egan-Jones, which has already noted it is backing Peltz and Rasulo, and Institutional Shareholder Services, which ultimately recommended a vote for Peltz.
The vote comes just days ahead of Disney’s annual shareholders meeting on April 3, where the final showdown is set to take place over two seats on the entertainment giant’s corporate board. That’s when investors will cast their votes for the board.
“CalPERS believes Walt Disney Co will benefit from fresh eyes on its board of directors and voted its company shares in favor of candidates Nelson Peltz and Jay Rasulo,” CalPERS, which owned 6.65 million shares in the media giant at the end of December, told the outlet.
CalPERS joins advisory firm Egan-Jones, which has already noted it is backing Peltz and Rasulo, and Institutional Shareholder Services, which ultimately recommended a vote for Peltz.
The vote comes just days ahead of Disney’s annual shareholders meeting on April 3, where the final showdown is set to take place over two seats on the entertainment giant’s corporate board. That’s when investors will cast their votes for the board.
- 3/30/2024
- by Carly Thomas
- The Hollywood Reporter - Movie News
Exclusive: The New York City Retirement Systems are in Disney’s corner amid bitter proxy fight with activist investor Nelson Peltz.
Disney’s “shares have performed well. Disney’s management and board are focused on a strategic transformation, and as shareholders we believe that they should be given the time to execute on this,” NYC Comptroller Brad Lander said in a statement to Deadline.
“What remains clear is that boards are most effective when members bring valuable perspectives and relevant experience and are focused on the long-term health of the company. Nelson Peltz’s troubling performance on other company boards raise concerns about the value he would bring to the table, and we do not believe this would be beneficial to preserving shareholder value,” he said. “The New York City Retirement Systems intend to vote in favor of the candidates nominated by management.”
The five city pension funds hold 2.6 million...
Disney’s “shares have performed well. Disney’s management and board are focused on a strategic transformation, and as shareholders we believe that they should be given the time to execute on this,” NYC Comptroller Brad Lander said in a statement to Deadline.
“What remains clear is that boards are most effective when members bring valuable perspectives and relevant experience and are focused on the long-term health of the company. Nelson Peltz’s troubling performance on other company boards raise concerns about the value he would bring to the table, and we do not believe this would be beneficial to preserving shareholder value,” he said. “The New York City Retirement Systems intend to vote in favor of the candidates nominated by management.”
The five city pension funds hold 2.6 million...
- 3/28/2024
- by Jill Goldsmith
- Deadline Film + TV
A special district board selected by Gov. Ron DeSantis that oversees The Walt Disney Co.’s Florida theme park properties settled its litigation with the company today.
This deal in the long and bitter battle between the Mouse House and the failed GOP presidential contender comes just days before an hotly contested shareholder vote for Disney and CEO Bob Iger. The legal actions between Disney and DeSantis over the past year and a half had become quite personal, with Iger at one point chastising the Sunshine State governor for being anti-business.
That seems to all be in the rear-view mirror now.
“We are pleased to put an end to all litigation pending in state court in Florida between Disney and the Central Florida Tourism Oversight District,” Jeff Vahle, president of Walt Disney World Resort, said in a statement. “This agreement opens a new chapter of constructive engagement with the new...
This deal in the long and bitter battle between the Mouse House and the failed GOP presidential contender comes just days before an hotly contested shareholder vote for Disney and CEO Bob Iger. The legal actions between Disney and DeSantis over the past year and a half had become quite personal, with Iger at one point chastising the Sunshine State governor for being anti-business.
That seems to all be in the rear-view mirror now.
“We are pleased to put an end to all litigation pending in state court in Florida between Disney and the Central Florida Tourism Oversight District,” Jeff Vahle, president of Walt Disney World Resort, said in a statement. “This agreement opens a new chapter of constructive engagement with the new...
- 3/27/2024
- by Ted Johnson and Dominic Patten
- Deadline Film + TV
Trian Partners has just gotten the backing of another large advisory firm, Egan-Jones Ratings Co., which is backing Nelson Petlz and Jay Rasulo. Egan-Jones Ratings Co. is recommending Disney shareholders vote for both Nelson Petlz and Jay Rasulo to replace Walt Disney Company board members in the annual shareholder meeting that will take place on April 3, 2024.
Egan-Jones said, “We see very little downside and a lot of upsides in putting the Trian Nominees on the Board.”
They cited these reasons for making this decision:
“The apparent lack of a … long-term succession plan.” “A Board that appears cutoff and unwilling to engage with investors and the broader market.” “A business model, we believe to be built for the last decade, but not forward looking and flexible enough to ensure success in the next.” “A desire to protect the status quo for as long as possible and at all costs.” “Mediocre financial...
Egan-Jones said, “We see very little downside and a lot of upsides in putting the Trian Nominees on the Board.”
They cited these reasons for making this decision:
“The apparent lack of a … long-term succession plan.” “A Board that appears cutoff and unwilling to engage with investors and the broader market.” “A business model, we believe to be built for the last decade, but not forward looking and flexible enough to ensure success in the next.” “A desire to protect the status quo for as long as possible and at all costs.” “Mediocre financial...
- 3/27/2024
- by Kambrea Pratt
- Pirates & Princesses
The advisory firm Egan-Jones is recommending Disney shareholders vote to add Nelson Peltz and Jay Rasulo to the studio’s board of directors.
The firm also backed Peltz’ Trian Partners in recommending shareholders withhold their votes for current Disney board members Michael B.G. Froman and Maria Elena Lagomasino. That follows Institutional Shareholder Services coming out as the first advisory firm to back Peltz in his proxy fight ahead of Disney shareholders casting votes at the company’s annual meeting on April 3.
“We see very little downside and a lot of upsides in putting the Trian nominees on the board,” Egan-Jones said in a statement on Wednesday. Weighing up Disney’s operating performance, the advisory firm argued the studio has an outdated business model that fails to be “forward looking and flexible enough” to ensure future success.
Peltz, as part of his activist shareholder campaign, is looking to nominate his...
The firm also backed Peltz’ Trian Partners in recommending shareholders withhold their votes for current Disney board members Michael B.G. Froman and Maria Elena Lagomasino. That follows Institutional Shareholder Services coming out as the first advisory firm to back Peltz in his proxy fight ahead of Disney shareholders casting votes at the company’s annual meeting on April 3.
“We see very little downside and a lot of upsides in putting the Trian nominees on the board,” Egan-Jones said in a statement on Wednesday. Weighing up Disney’s operating performance, the advisory firm argued the studio has an outdated business model that fails to be “forward looking and flexible enough” to ensure future success.
Peltz, as part of his activist shareholder campaign, is looking to nominate his...
- 3/27/2024
- by Etan Vlessing
- The Hollywood Reporter - Movie News
Disney’s streaming bundle combining Hulu and Disney+ in one service officially launched Wednesday morning, ending a three-month beta period described by the company as a success.
The “duo” plan, Hulu on Disney+, is priced $2 higher than each individual subscriptions alone. It follows in the the estimable footsteps of the three-service Disney Bundle first introduced in 2020, which also includes ESPN+. Unlike that ongoing offering, though, the two-service one is focused on streamlining the consumer experience and pooling the content of two large, established streaming players within a single outlet. The combo version has a Hulu “tile” on the home screen alongside Marvel, Pixar and the other original pillars of Disney+.
Subscriber response was positive during the beta period, Disney Entertainment Direct-to-Consumer President Joe Earley said during a press briefing on the eve of the launch. About one-third of subscribers who were eligible to take part in the beta wound up doing so,...
The “duo” plan, Hulu on Disney+, is priced $2 higher than each individual subscriptions alone. It follows in the the estimable footsteps of the three-service Disney Bundle first introduced in 2020, which also includes ESPN+. Unlike that ongoing offering, though, the two-service one is focused on streamlining the consumer experience and pooling the content of two large, established streaming players within a single outlet. The combo version has a Hulu “tile” on the home screen alongside Marvel, Pixar and the other original pillars of Disney+.
Subscriber response was positive during the beta period, Disney Entertainment Direct-to-Consumer President Joe Earley said during a press briefing on the eve of the launch. About one-third of subscribers who were eligible to take part in the beta wound up doing so,...
- 3/27/2024
- by Dade Hayes
- Deadline Film + TV
Proxy advisor Egan-Jones on Wednesday became the second independent firm to support activist Nelson Peltz’s effort to secure seats on the Disney board.
The endorsement follows that of Iss earlier this month, which was a notable win for Peltz’s Trian Fund Management as it is the biggest advisory firm and highly influential. While Iss backed Peltz alone, Egan-Jones is supports both the billionaire activist investor and former Disney executive Jay Rasulo, Trian’s other nominee to the Disney board. The firm is recommending shareholders withhold support for Maria Elena Lagomasino and Michael B.G. Froman, who are members of Disney’s slate of nominees.
Disney shareholders’ votes will be tallied at company’s annual meeting next Wednesday.
“We see very little downside and a lot of upsides in putting the Trian nominees on the board,” Egan-Jones said in an announcement. The firm cited an “apparent lack” of a...
The endorsement follows that of Iss earlier this month, which was a notable win for Peltz’s Trian Fund Management as it is the biggest advisory firm and highly influential. While Iss backed Peltz alone, Egan-Jones is supports both the billionaire activist investor and former Disney executive Jay Rasulo, Trian’s other nominee to the Disney board. The firm is recommending shareholders withhold support for Maria Elena Lagomasino and Michael B.G. Froman, who are members of Disney’s slate of nominees.
Disney shareholders’ votes will be tallied at company’s annual meeting next Wednesday.
“We see very little downside and a lot of upsides in putting the Trian nominees on the board,” Egan-Jones said in an announcement. The firm cited an “apparent lack” of a...
- 3/27/2024
- by Dade Hayes
- Deadline Film + TV
As the Disney board proxy fight nears its deciding day, activist investor Nelson Peltz is taking aim at what he calls the company’s “woke” film strategy, particularly as it pertains to Black Panther and The Marvels.
In a recent interview with The Financial Times, Peltz questioned the leadership of Marvel chief Kevin Feige and the larger movie strategy under Disney CEO Bob Iger. Though he said he did not want either leader unseated (Peltz is outwardly campaigning to take the board seats of current members Michael B.G. Froman and Maria Elena Lagomasino), he questioned how long Feige should remain and what the strategy should be moving forward.
“People go to watch a movie or a show to be entertained,” Peltz said in the interview. “They don’t go to get a message.
“Why do I have to have a Marvel that’s all women? Not that I have anything against women,...
In a recent interview with The Financial Times, Peltz questioned the leadership of Marvel chief Kevin Feige and the larger movie strategy under Disney CEO Bob Iger. Though he said he did not want either leader unseated (Peltz is outwardly campaigning to take the board seats of current members Michael B.G. Froman and Maria Elena Lagomasino), he questioned how long Feige should remain and what the strategy should be moving forward.
“People go to watch a movie or a show to be entertained,” Peltz said in the interview. “They don’t go to get a message.
“Why do I have to have a Marvel that’s all women? Not that I have anything against women,...
- 3/25/2024
- by Caitlin Huston
- The Hollywood Reporter - Movie News
Nelson Peltz said today that his bitter proxy fight with Disney is “not about Mr. Iger, nor is it a referendum about his leadership” even as CNBC reported that his firm, Trian Partners, has withheld votes from the CEO, who is also a board nominee.
Trian didn’t respond to a request for comment. But the firm clearly feels it needs to walk a fine line between attacking Disney’s board, but not its rather popular CEO.
Publicly, Trian has been aggressively lobbying shareholders to withhold votes only from Disney board nominees Michael Froman and Maria Elena Lagomasio and back Peltz and former Disney executive Jay Rasulo instead. The board has 12 members which will be the nominees who wind up with the most votes. Voting is ongoing and the tally will be unveiled at the company’s annual meeting April 3.
Peltz’ flurry of communications to shareholders have mostly focused on...
Trian didn’t respond to a request for comment. But the firm clearly feels it needs to walk a fine line between attacking Disney’s board, but not its rather popular CEO.
Publicly, Trian has been aggressively lobbying shareholders to withhold votes only from Disney board nominees Michael Froman and Maria Elena Lagomasio and back Peltz and former Disney executive Jay Rasulo instead. The board has 12 members which will be the nominees who wind up with the most votes. Voting is ongoing and the tally will be unveiled at the company’s annual meeting April 3.
Peltz’ flurry of communications to shareholders have mostly focused on...
- 3/25/2024
- by Jill Goldsmith
- Deadline Film + TV
During the ongoing proxy battle between Disney and Trian Partners and Blackwell Capital, the Walt Disney Company repeatedly focused mostly on only one threat: the idea that it was Bob Iger who was in danger of replacement. Now, Nelson Peltz and Trian have put out a statement once again refuting that notion.
According to Peltz, they have no desire to replace Bob Iger, and Disney continues to focus on that when they know it isn’t true. Yet they say nothing about the board members they want to replace.
Trian is trying to replace board members Maria Elena Lagomasino and Michael B.G. Froman. Bob Iger keeps complaining that Peltz and Jay Rasulo lack media experience, but neither Logomasino nor Froman have it either.
In fact, they have the fewest qualifications on the board, and they both lack in streaming, direct-to-consumer, and media. These are the same reasons Bob Iger...
According to Peltz, they have no desire to replace Bob Iger, and Disney continues to focus on that when they know it isn’t true. Yet they say nothing about the board members they want to replace.
Trian is trying to replace board members Maria Elena Lagomasino and Michael B.G. Froman. Bob Iger keeps complaining that Peltz and Jay Rasulo lack media experience, but neither Logomasino nor Froman have it either.
In fact, they have the fewest qualifications on the board, and they both lack in streaming, direct-to-consumer, and media. These are the same reasons Bob Iger...
- 3/25/2024
- by Kambrea Pratt
- Pirates & Princesses
Disney has pushed back on a recommendation by Institutional Shareholder Services (Iss) to elect 11 of the company’s director nominees as well as activist investor Nelson Peltz as the boardroom proxy battle heats up.
The media giant has been immersed in a public feud with Peltz and wants its 12 board nominees to be elected at the virtual annual shareholder meeting on April 3.
Iss has recommended Peltz at the expense of Disney’s choice, Maria Elena Lagomasino, and questioned whether the board would fix “major missteps” in the “failed 2020 succession” which saw Bob Chapek replace Bob Iger as Disney CEO in...
The media giant has been immersed in a public feud with Peltz and wants its 12 board nominees to be elected at the virtual annual shareholder meeting on April 3.
Iss has recommended Peltz at the expense of Disney’s choice, Maria Elena Lagomasino, and questioned whether the board would fix “major missteps” in the “failed 2020 succession” which saw Bob Chapek replace Bob Iger as Disney CEO in...
- 3/21/2024
- ScreenDaily
Nelson Peltz’s ongoing battle for seats on the Walt Disney Company’s board of directors just got an endorsement. Sadly, it’s not from George Lucas or another big name.
Institutional Shareholder Services (Iss) is a proxy advisory firm with offices worldwide. According to CNBC, Iss advised Disney shareholders to back Peltz and Trian Fund Management’s efforts.
A report issued by Iss touts that Peltz could improve Disney, but it did express concern about former Disney Chief Financial Officer Jay Rasulo’s involvement:
“Dissident nominee Peltz, as a significant shareholder, could be additive to the succession process, providing assurance to other investors that the board is properly engaged this time around.”
“Though we do not have any concerns about his ability to serve as an objective director, we recognize that Rasulo’s potential presence might create added friction on the board.”
Iss is owned by Deutsche Börse Group in Germany.
Institutional Shareholder Services (Iss) is a proxy advisory firm with offices worldwide. According to CNBC, Iss advised Disney shareholders to back Peltz and Trian Fund Management’s efforts.
A report issued by Iss touts that Peltz could improve Disney, but it did express concern about former Disney Chief Financial Officer Jay Rasulo’s involvement:
“Dissident nominee Peltz, as a significant shareholder, could be additive to the succession process, providing assurance to other investors that the board is properly engaged this time around.”
“Though we do not have any concerns about his ability to serve as an objective director, we recognize that Rasulo’s potential presence might create added friction on the board.”
Iss is owned by Deutsche Börse Group in Germany.
- 3/21/2024
- by Mike Phalin
- Pirates & Princesses
Updated with Laurene Powell Jobs statement: The fight for the future of the Walt Disney Company got very fast and furious this morning.
Just minutes after influential proxy advisory board Institutional Shareholder Services recommended adding activist investor Nelson Peltz to the Disney board, the chairman struck back with a blunt dismissal. Rolling out the really heavy artillery, that first response was soon followed by a strong shutdown of the Peltz uprising by the widow of Apple kingpin Steve Jobs.
“While we’re heartened to see support for Michael Froman and Iss’ recommendation to withhold on dissident directors Jay Rasulo and the Blackwells’ nominees, we strongly believe that Iss reached the wrong conclusion in its recent report when it comes to adding Nelson Peltz to the board,” Disney board boss Mark Parker said Thursday as an increasingly bitter April 3 vote by shareholders looms.
“In contrast to Glass Lewis, Iss fails to...
Just minutes after influential proxy advisory board Institutional Shareholder Services recommended adding activist investor Nelson Peltz to the Disney board, the chairman struck back with a blunt dismissal. Rolling out the really heavy artillery, that first response was soon followed by a strong shutdown of the Peltz uprising by the widow of Apple kingpin Steve Jobs.
“While we’re heartened to see support for Michael Froman and Iss’ recommendation to withhold on dissident directors Jay Rasulo and the Blackwells’ nominees, we strongly believe that Iss reached the wrong conclusion in its recent report when it comes to adding Nelson Peltz to the board,” Disney board boss Mark Parker said Thursday as an increasingly bitter April 3 vote by shareholders looms.
“In contrast to Glass Lewis, Iss fails to...
- 3/21/2024
- by Dominic Patten and Jill Goldsmith
- Deadline Film + TV
Influential proxy advisory service Iss has recommended shareholders vote to put Trian’s Nelson Peltz on Disney’s board, saying the activist investor, “with his considerable experience on other boards and fiduciary duties owed to a large shareholding group, appears best positioned to bring a shareholder perspective to the board.”
“The events leading up to the CEO transition in 2020 and the strategic missteps taken over the past several years appear to indicate that the board is not functioning in the most optimal way. With that in mind, a shareholder representative who is well versed in the imperative to hold management to account would be well positioned to provide the catalyst that this board apparently needs to improve its effectiveness,” added the firm, which advises shareholders how to vote, including for directors, at annual meetings.
Disney’s is coming up April 3. Iss recommends shareholders withhold their votes for current Disney director Maria Elena Lagomasino,...
“The events leading up to the CEO transition in 2020 and the strategic missteps taken over the past several years appear to indicate that the board is not functioning in the most optimal way. With that in mind, a shareholder representative who is well versed in the imperative to hold management to account would be well positioned to provide the catalyst that this board apparently needs to improve its effectiveness,” added the firm, which advises shareholders how to vote, including for directors, at annual meetings.
Disney’s is coming up April 3. Iss recommends shareholders withhold their votes for current Disney director Maria Elena Lagomasino,...
- 3/21/2024
- by Jill Goldsmith
- Deadline Film + TV
In a move that could shape the high-profile proxy fight between The Walt Disney Co. and Nelson Peltz’s Trian Partners, the influential advisory firm Institutional Shareholder Services is recommending that its clients vote to add Peltz to Disney’s board of directors.
Iss ultimately recommended a vote for Peltz, but not Trian’s other nominee, Jay Rasulo, and to withhold a vote for current Disney board member Maria Elena Lagomasino.
Iss released a detailed report Thursday outlining Disney’s performance, and evaluating the proposals from both Trian and another activist, Blackwells. Iss noted Disney’s underperformance in recent years, and places particular emphasis on Disney’s succession issues.
And while it praised the strategic moves made since CEO Bob Iger’s return, the firm nonetheless argued that change is needed at the board level.
“Because the company has made positive changes to its board as well as operational changes...
Iss ultimately recommended a vote for Peltz, but not Trian’s other nominee, Jay Rasulo, and to withhold a vote for current Disney board member Maria Elena Lagomasino.
Iss released a detailed report Thursday outlining Disney’s performance, and evaluating the proposals from both Trian and another activist, Blackwells. Iss noted Disney’s underperformance in recent years, and places particular emphasis on Disney’s succession issues.
And while it praised the strategic moves made since CEO Bob Iger’s return, the firm nonetheless argued that change is needed at the board level.
“Because the company has made positive changes to its board as well as operational changes...
- 3/21/2024
- by Alex Weprin
- The Hollywood Reporter - Movie News
George Lucas has come out in support of Disney and CEO Bob Iger as the company wages a bitter proxy fight against activist investor Nelson Peltz, who is making a run for two seats on the company’s board.
In a statement issued this morning, Lucas said: “Creating magic is not for amateurs. When I sold Lucasfilm just over a decade ago. I was delighted to become a Disney shareholder because of my long-time admiration for its iconic brand and Bob Iger’s leadership. When Bob recently returned to the company during a difficult time, I was relieved. No one knows Disney better. I remain a significant shareholder because I have full faith and confidence in the power of Disney and Bob’s track record of driving long-term value. I have voted all of my shares for Disney’s 12 directors and urge other shareholders to do the same.”
Disney acquired...
In a statement issued this morning, Lucas said: “Creating magic is not for amateurs. When I sold Lucasfilm just over a decade ago. I was delighted to become a Disney shareholder because of my long-time admiration for its iconic brand and Bob Iger’s leadership. When Bob recently returned to the company during a difficult time, I was relieved. No one knows Disney better. I remain a significant shareholder because I have full faith and confidence in the power of Disney and Bob’s track record of driving long-term value. I have voted all of my shares for Disney’s 12 directors and urge other shareholders to do the same.”
Disney acquired...
- 3/19/2024
- by Jill Goldsmith
- Deadline Film + TV
Star Wars mastermind George Lucas — Disney’s largest individual shareholder — has come out with a statement supporting Disney’s board and CEO Bob Iger, urging Mouse House investors to reject bids by two activist investor groups to take seats on the media company’s board.
“Creating magic is not for amateurs,” Lucas said in a statement released Tuesday. “When I sold Lucasfilm just over a decade ago, I was delighted to become a Disney shareholder because of my longtime admiration for its iconic brand and Bob Iger’s leadership.”
Lucas continued, “When Bob recently returned to the company during a difficult time, I was relieved. No one knows Disney better. I remain a significant shareholder because I have full faith and confidence in the power of Disney and Bob’s track record of driving long-term value. I have voted all of my shares for Disney’s 12 directors and urge other shareholders to do the same.
“Creating magic is not for amateurs,” Lucas said in a statement released Tuesday. “When I sold Lucasfilm just over a decade ago, I was delighted to become a Disney shareholder because of my longtime admiration for its iconic brand and Bob Iger’s leadership.”
Lucas continued, “When Bob recently returned to the company during a difficult time, I was relieved. No one knows Disney better. I remain a significant shareholder because I have full faith and confidence in the power of Disney and Bob’s track record of driving long-term value. I have voted all of my shares for Disney’s 12 directors and urge other shareholders to do the same.
- 3/19/2024
- by Todd Spangler
- Variety Film + TV
Proxy advisory firm Glass Lewis has recommended that Disney shareholders withhold votes for all board candidates except the company’s own.
A thumbs up from the influential firm, which advise stockholders how they should vote on various matters at annual meetings, is a significant win for Disney as institutional investors take the recommendations of these firms quite seriously an have been waiting to see how they would line up. Another large advisory firm, Iss, hasn’t yet put out its report.
Glass Lewis cited “measurable shifts” in Disney’s strategy since CEO Bob Iger’s return in advising stockholders to withhold votes from Trian Group’s two candidates as well as from the three candidates nominated by investment firm They advise stockholders to vote only for Disney’s 12 nominees at the meeting set for April 3.
“We are pleased that Glass Lewis recognizes the strength of our highly qualified nominees and...
A thumbs up from the influential firm, which advise stockholders how they should vote on various matters at annual meetings, is a significant win for Disney as institutional investors take the recommendations of these firms quite seriously an have been waiting to see how they would line up. Another large advisory firm, Iss, hasn’t yet put out its report.
Glass Lewis cited “measurable shifts” in Disney’s strategy since CEO Bob Iger’s return in advising stockholders to withhold votes from Trian Group’s two candidates as well as from the three candidates nominated by investment firm They advise stockholders to vote only for Disney’s 12 nominees at the meeting set for April 3.
“We are pleased that Glass Lewis recognizes the strength of our highly qualified nominees and...
- 3/18/2024
- by Jill Goldsmith
- Deadline Film + TV
The Walt Disney Company is giving its investors a sense of the massive profits it has made off of the Star Wars and Marvel universes since that studio and Lucasfilm became part of Disney — and it’s more than one can shake a lightsaber at.
In a presentation posted to the shareholder campaign website Vote Disney, the House of Mouse included highlights of its success with franchises as the company is waging a proxy fight with activist investor Nelson Peltz.
Corporate intrigue aside, the presentation reveals some compelling numbers on the high-profile acquisitions Disney has made over the past 15 years. In a section titled “Enduring franchises highlight our powerful IP and unique monetization capabilities,” Disney indicates that it has seen a 2.9 times and 3.3 times return on investment after purchasing Lucasfilm and Marvel Studios in 2012 and 2009, respectively.
In 2012, Disney paid $4 billion for Lucasfilm, giving Disney ownership of the Star Wars and Indiana Jones franchises.
In a presentation posted to the shareholder campaign website Vote Disney, the House of Mouse included highlights of its success with franchises as the company is waging a proxy fight with activist investor Nelson Peltz.
Corporate intrigue aside, the presentation reveals some compelling numbers on the high-profile acquisitions Disney has made over the past 15 years. In a section titled “Enduring franchises highlight our powerful IP and unique monetization capabilities,” Disney indicates that it has seen a 2.9 times and 3.3 times return on investment after purchasing Lucasfilm and Marvel Studios in 2012 and 2009, respectively.
In 2012, Disney paid $4 billion for Lucasfilm, giving Disney ownership of the Star Wars and Indiana Jones franchises.
- 3/14/2024
- by Kevin Dolak
- The Hollywood Reporter - Movie News
Updated with Trian statement. Activist investment firm Trian Fund Management says it is “disappointed that Disney is running a scorched-earth campaign.”
In a response to Disney’s recent salvos in a weeks-long proxy battle, Trian said Disney’s efforts appear to be “focused on deflecting attention from the board’s failures.”
Addressing one of the personality clashes at the center of the dispute, that between Disney CEO Bob Iger and former Marvel Chairman Ike Perlmutter, Trian said it is “irrelevant” to the proxy fight. Trian has been angling to have its co-founder, Nelson Peltz (an ally of Perlmutter) and ex-Disney CFO Jay Rasulo elected to the board of directors. Board elections will be held at Disney’s annual shareholder meeting on April 3.
“This election contest is not about Mr. Iger or Mr. Perlmutter,” Trian said. “We do not oppose Mr. Iger’s reelection nor his continued service as CEO. Mr.
In a response to Disney’s recent salvos in a weeks-long proxy battle, Trian said Disney’s efforts appear to be “focused on deflecting attention from the board’s failures.”
Addressing one of the personality clashes at the center of the dispute, that between Disney CEO Bob Iger and former Marvel Chairman Ike Perlmutter, Trian said it is “irrelevant” to the proxy fight. Trian has been angling to have its co-founder, Nelson Peltz (an ally of Perlmutter) and ex-Disney CFO Jay Rasulo elected to the board of directors. Board elections will be held at Disney’s annual shareholder meeting on April 3.
“This election contest is not about Mr. Iger or Mr. Perlmutter,” Trian said. “We do not oppose Mr. Iger’s reelection nor his continued service as CEO. Mr.
- 3/13/2024
- by Dade Hayes
- Deadline Film + TV
Disney shares were up 2% at mid-day Monday, extending their recent rally, as the company renewed its attacks on activist investor Nelson Peltz.
In a video posted to VoteDisney.com criticizing Peltz and his firm, Trian Fund Management, Disney said the investor’s pursuit of board seats for himself and ex-Disney CFO Jay Rasulo “seems more about vanity than a belief in Disney.” The company added that Rasulo “hasn’t been employed since leaving Disney” in 2015. The proxy fight is set to play out April 3 at the company’s annual shareholder meeting, which will be a virtual event this year.
Disney stock hit $112.76 with two hours left in the trading day. It has rebounded significantly since touching multi-year lows last fall, rising almost 25% in 2024 to date. (Trian has pointed to shareholder returns well below the broader market on a 3-year and 5-year basis and has also noted that the stock’s...
In a video posted to VoteDisney.com criticizing Peltz and his firm, Trian Fund Management, Disney said the investor’s pursuit of board seats for himself and ex-Disney CFO Jay Rasulo “seems more about vanity than a belief in Disney.” The company added that Rasulo “hasn’t been employed since leaving Disney” in 2015. The proxy fight is set to play out April 3 at the company’s annual shareholder meeting, which will be a virtual event this year.
Disney stock hit $112.76 with two hours left in the trading day. It has rebounded significantly since touching multi-year lows last fall, rising almost 25% in 2024 to date. (Trian has pointed to shareholder returns well below the broader market on a 3-year and 5-year basis and has also noted that the stock’s...
- 3/11/2024
- by Dade Hayes
- Deadline Film + TV
Disney is taking a cue from the presidential election in an escalation of its proxy battle with Trian Partners.
The company on Monday released a slickly produced video, similar in format to a political ad, taking aim at Trian’s two Disney board nominees, Nelson Peltz and Jay Rasulo, and highlighting the achievements of the company and CEO Bob Iger since he returned to the company.
The video opens with ominous music, as the narrator (speaking in a voice familiar to any viewer of political attack ads) wonders “What’s the harm?” in letting Peltz and Rasulo on the Disney board.
“If they succeed, Disney could suffer the same fate as other companies that they have infiltrated, such as Ge and Dupont,” he continues, referencing two infamous Peltz proxy fights as images of falling stock prices overlayed appear on the screen.
The video goes on to attack Peltz and Rasulo personally,...
The company on Monday released a slickly produced video, similar in format to a political ad, taking aim at Trian’s two Disney board nominees, Nelson Peltz and Jay Rasulo, and highlighting the achievements of the company and CEO Bob Iger since he returned to the company.
The video opens with ominous music, as the narrator (speaking in a voice familiar to any viewer of political attack ads) wonders “What’s the harm?” in letting Peltz and Rasulo on the Disney board.
“If they succeed, Disney could suffer the same fate as other companies that they have infiltrated, such as Ge and Dupont,” he continues, referencing two infamous Peltz proxy fights as images of falling stock prices overlayed appear on the screen.
The video goes on to attack Peltz and Rasulo personally,...
- 3/11/2024
- by Alex Weprin
- The Hollywood Reporter - Movie News
After skidding to multi-year lows in late-2023, Disney stock has rebounded more than 20% thus far in 2024 as two activist investment firms have launched a proxy fight.
The stock finished Thursday trading at $110.18, up a fraction. It started the year at $90.10, putting its gains at 22% for the year to date. Longer-term, of course, the shares have slipped 15% over the past five years as the S&P 500 has nearly doubled, with that underperformance forming the centerpiece of activist shareholders’ recent attacks. Even at $110, Disney stock is well off its high three years ago near $190.
Goosing the stock price is a stated goal of two activist investment firms that have taken aim at Disney’s top execs and board of directors ahead of the company’s annual shareholder meeting on April 3. It isn’t yet clear whether either opponent has managed to secure meaningful support from other shareholders, though many individuals hold Disney shares,...
The stock finished Thursday trading at $110.18, up a fraction. It started the year at $90.10, putting its gains at 22% for the year to date. Longer-term, of course, the shares have slipped 15% over the past five years as the S&P 500 has nearly doubled, with that underperformance forming the centerpiece of activist shareholders’ recent attacks. Even at $110, Disney stock is well off its high three years ago near $190.
Goosing the stock price is a stated goal of two activist investment firms that have taken aim at Disney’s top execs and board of directors ahead of the company’s annual shareholder meeting on April 3. It isn’t yet clear whether either opponent has managed to secure meaningful support from other shareholders, though many individuals hold Disney shares,...
- 3/7/2024
- by Dade Hayes
- Deadline Film + TV
Nelson Peltz and Jay Rasulo, who are fighting to get themselves elected to the Disney board against the company’s wishes, said today they’re not out “to fire the CEO.” Peltz of Trian Partners has been publicly bashing the company and Iger for a year. Rasulo hasn’t taken the stage publicly until today as the two answered questions from shareholders on a live webcast.
The queries — curated and read by a moderator seated at a conference table with the two men — served pretty much as setups for them to hit all their talking points, bashing executive pay, park prices, a wobbly studio, a “toxic” culture after so many reorgs, and, though they didn’t use the word, woke content that turns off Disney’s traditional family viewers.
“I don’t think the shareholder [who lamented the latter] is alone. I think when I was at the company, and all the years [before], when...
The queries — curated and read by a moderator seated at a conference table with the two men — served pretty much as setups for them to hit all their talking points, bashing executive pay, park prices, a wobbly studio, a “toxic” culture after so many reorgs, and, though they didn’t use the word, woke content that turns off Disney’s traditional family viewers.
“I don’t think the shareholder [who lamented the latter] is alone. I think when I was at the company, and all the years [before], when...
- 3/7/2024
- by Jill Goldsmith
- Deadline Film + TV
Corporate board room proxy battles can be frustratingly unpredictable. Even a company confident in its leadership and strategy cannot afford complacency when someone is seeking to depose board directors. It’s something Disney CEO Bob Iger knows a thing or two about.
The last time Disney faced a full-fledged proxy fight was 20 years ago. More than 40 percent of shareholders voted against the Disney board and its then-ceo, Michael Eisner. The executive lost his chairman title within hours and told the board of his plans to step aside as CEO in mere months.
A turning point in that battle, as Bob Iger recalled in his 2019 memoir, The Ride of a Lifetime, was the decision by the influential Institutional Shareholder Services (Iss) to back the activists. “I remember thinking that it was like we’d entered a conventional war … and now another party had launched nuclear weapons,” Iger wrote of learning about the Iss recommendation,...
The last time Disney faced a full-fledged proxy fight was 20 years ago. More than 40 percent of shareholders voted against the Disney board and its then-ceo, Michael Eisner. The executive lost his chairman title within hours and told the board of his plans to step aside as CEO in mere months.
A turning point in that battle, as Bob Iger recalled in his 2019 memoir, The Ride of a Lifetime, was the decision by the influential Institutional Shareholder Services (Iss) to back the activists. “I remember thinking that it was like we’d entered a conventional war … and now another party had launched nuclear weapons,” Iger wrote of learning about the Iss recommendation,...
- 3/6/2024
- by Alex Weprin
- The Hollywood Reporter - Movie News
Disney CEO Bob Iger called the proxy fight being waged by two activist investors a campaign that “is, in a way, designed to distract us, to take our eye off all [that’s] necessary to do what we need to do to generate returns for shareholders.”
Nelson Peltz’ Trian Partners is fielding two director candidates – himself and former Disney executive Jay Rasulo — and has been aggressively soliciting Disney stockholders, mostly recently in a 133-page document yesterday. Investment firm Blackwells Capital has nominated three candidates. Shareholders will elect the board at Disney’s annual meeting April 3.
Iger, speaking at a Morgan Stanley investor conference, said he’s “working very hard not to let this distract me. Because when I get distracted, everyone that works for me gets distracted, and that is not a good thing.”
He’s been back at Disney for 15 months now and said things were difficult but he’s pleased...
Nelson Peltz’ Trian Partners is fielding two director candidates – himself and former Disney executive Jay Rasulo — and has been aggressively soliciting Disney stockholders, mostly recently in a 133-page document yesterday. Investment firm Blackwells Capital has nominated three candidates. Shareholders will elect the board at Disney’s annual meeting April 3.
Iger, speaking at a Morgan Stanley investor conference, said he’s “working very hard not to let this distract me. Because when I get distracted, everyone that works for me gets distracted, and that is not a good thing.”
He’s been back at Disney for 15 months now and said things were difficult but he’s pleased...
- 3/5/2024
- by Jill Goldsmith
- Deadline Film + TV
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