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
Disney pushed back on a report today by leading proxy advisory firm Iss recommending shareholders vote activist investor Nelson Peltz to the board, and withhold votes for company board nominee Maria Elena Lagomasino.
“We strongly believe that Iss reached the wrong conclusion in its recent report when it comes to adding Nelson Peltz to the board,” said Mark Parker, chairman of the board, in a statement.
“In contrast to Glass Lewis, Iss fails to acknowledge the breadth of perspective and expertise Ms. Lagomasino adds to the Board. The strong recent performance and results overseen by the Disney Board demonstrate our focus on long-term shareholder value creation and succession planning and our commitment to good governance practices.” Glass Lewis is another influential proxy advisory firm that came out in last week in favor of all Disney nominees.
Disney said its 12 Board nominees “are best qualified to provide diligent oversight of management and create sustainable shareholder value.
“We strongly believe that Iss reached the wrong conclusion in its recent report when it comes to adding Nelson Peltz to the board,” said Mark Parker, chairman of the board, in a statement.
“In contrast to Glass Lewis, Iss fails to acknowledge the breadth of perspective and expertise Ms. Lagomasino adds to the Board. The strong recent performance and results overseen by the Disney Board demonstrate our focus on long-term shareholder value creation and succession planning and our commitment to good governance practices.” Glass Lewis is another influential proxy advisory firm that came out in last week in favor of all Disney nominees.
Disney said its 12 Board nominees “are best qualified to provide diligent oversight of management and create sustainable shareholder value.
- 3/21/2024
- by Jill Goldsmith
- Deadline Film + TV
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
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
As the PR war between Disney and Nelson Peltz’s Trian Partners heats up ahead of an April 3 shareholder meeting, proxy voting advisor Glass Lewis is backing Disney and CEO Bob Iger in their battle for control of the Hollywood studio.
Glass Lewis in a Monday report cited by Disney recommended the studio’s shareholders vote for its slate of proposed boardroom nominees and “withhold” on the board nominees put up by Trian Partners and Blackwells.
“In its recommendation, Glass Lewis clearly identifies the strength of the diverse skillsets across our board nominees, the credibility of our succession planning process and recent changes to the board and compensation program and the promise of our recent efforts to bolster growth and value creation to position Disney for the future.” Mark Parker, chairman of The Walt Disney Company board of directors, said in a statement on Monday.
Peltz’s Trian and another...
Glass Lewis in a Monday report cited by Disney recommended the studio’s shareholders vote for its slate of proposed boardroom nominees and “withhold” on the board nominees put up by Trian Partners and Blackwells.
“In its recommendation, Glass Lewis clearly identifies the strength of the diverse skillsets across our board nominees, the credibility of our succession planning process and recent changes to the board and compensation program and the promise of our recent efforts to bolster growth and value creation to position Disney for the future.” Mark Parker, chairman of The Walt Disney Company board of directors, said in a statement on Monday.
Peltz’s Trian and another...
- 3/18/2024
- by Etan Vlessing
- The Hollywood Reporter - Movie News
Disney and Bob Iger have received the support of the independent proxy advisory company Glass Lewis in its ongoing proxy battle. Glass Lewis recommended that Disney shareholders vote for the 12 Disney-selected director nominees in a report released on Monday.
The company’s report also recommended rejecting the nominees put forward by Nelson Peltz’s Trian Partners and another firm, Blackwells Capital, ahead of Disney’s annual meeting on April 3. In its reasoning, Glass Lewis emphasized The Walt Disney Company’s clear strategy, its strong additions to the board and “measurable shifts” in the business since the return of Iger.
“We are pleased that Glass Lewis recognizes the strength of our highly qualified nominees and supports our plans to return this iconic company to a period of sustained growth and shareholder value creation,” Mark Parker, chairman of The Walt Disney Company Board of Directors, said in a statement to press. “In its recommendation,...
The company’s report also recommended rejecting the nominees put forward by Nelson Peltz’s Trian Partners and another firm, Blackwells Capital, ahead of Disney’s annual meeting on April 3. In its reasoning, Glass Lewis emphasized The Walt Disney Company’s clear strategy, its strong additions to the board and “measurable shifts” in the business since the return of Iger.
“We are pleased that Glass Lewis recognizes the strength of our highly qualified nominees and supports our plans to return this iconic company to a period of sustained growth and shareholder value creation,” Mark Parker, chairman of The Walt Disney Company Board of Directors, said in a statement to press. “In its recommendation,...
- 3/18/2024
- by Kayla Cobb
- The Wrap
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
Exclusive: The Academy of Motion Picture Arts and Sciences plans to recut the 90-minute version of the Oscars broadcast it provided to international licensees, Deadline has learned, in order to restore a key moment it had left out of the original package: the Best Documentary Feature category won by the Ukraine war-themed film 20 Days in Mariupol.
Deadline has learned the move comes after Suspilne TV, the broadcaster that holds rights to air the Oscar show in Ukraine, protested the omission of the category from the 90-minute version, saying it was “shocked and deeply disappointed” by the decision that also left the moving acceptance speech by Ukrainian filmmaker Mstyslav Chernov on the cutting-room floor.
In that speech, Chernov mourned the devastating loss of civilian life that has resulted from Russia’s invasion and urged the film community to ensure “the history record is set straight, and that the truth will...
Deadline has learned the move comes after Suspilne TV, the broadcaster that holds rights to air the Oscar show in Ukraine, protested the omission of the category from the 90-minute version, saying it was “shocked and deeply disappointed” by the decision that also left the moving acceptance speech by Ukrainian filmmaker Mstyslav Chernov on the cutting-room floor.
In that speech, Chernov mourned the devastating loss of civilian life that has resulted from Russia’s invasion and urged the film community to ensure “the history record is set straight, and that the truth will...
- 3/14/2024
- by Matthew Carey
- Deadline Film + TV
Disney today announced a cash dividend of $0.30 per share for the second half of its fiscal 2023, its first such payout since the dividend was halted three years ago during Covid.
It will be payable January 10, 2024 to shareholders of record at the close of business on December 11. The company had said back in February that it planned to bring back the dividend this year.
“This has been a year of important progress for The Walt Disney Company, defined by a strategic restructuring and a renewed focus on long-term growth,” said Mark Parker, Chairman of the Board. “As Disney moves forward with its key strategic objectives, we are pleased to declare a dividend for our shareholders while we continue to invest in the company’s future and prioritize meaningful value creation.”
The dividend move comes as activist investor Nelson Peltz, backed by big Disney shareholder and former Marvel boss Ike Perlmutter, is...
It will be payable January 10, 2024 to shareholders of record at the close of business on December 11. The company had said back in February that it planned to bring back the dividend this year.
“This has been a year of important progress for The Walt Disney Company, defined by a strategic restructuring and a renewed focus on long-term growth,” said Mark Parker, Chairman of the Board. “As Disney moves forward with its key strategic objectives, we are pleased to declare a dividend for our shareholders while we continue to invest in the company’s future and prioritize meaningful value creation.”
The dividend move comes as activist investor Nelson Peltz, backed by big Disney shareholder and former Marvel boss Ike Perlmutter, is...
- 11/30/2023
- by Jill Goldsmith
- Deadline Film + TV
The same day activist investor Nelson Peltz announced he was launching a proxy campaign to get seats on Disney’s board of directors, the company adopted amended bylaws covering nominations of directors by outside parties.
Meanwhile, in a bid to win shareholder favor amid the brewing proxy battle, Disney separately Thursday announced a cash dividend of $0.30 per share, payable Jan. 10, 2024, to shareholders of record at the close of business on Dec. 11, 2023. It’s the company’s first dividend payments to investors in more than three years, after Disney suspended them during the Covid pandemic.
On Nov. 30, Disney’s board “amended and restated” the company’s bylaws, which became effective as of Thursday, the company said in an SEC filing Thursday.
Among other things, the amendments “enhance the procedural mechanics and disclosure requirements relating to business proposals submitted and director nominations made by stockholders,” Disney said in the filing. That includes requiring “certain additional background information,...
Meanwhile, in a bid to win shareholder favor amid the brewing proxy battle, Disney separately Thursday announced a cash dividend of $0.30 per share, payable Jan. 10, 2024, to shareholders of record at the close of business on Dec. 11, 2023. It’s the company’s first dividend payments to investors in more than three years, after Disney suspended them during the Covid pandemic.
On Nov. 30, Disney’s board “amended and restated” the company’s bylaws, which became effective as of Thursday, the company said in an SEC filing Thursday.
Among other things, the amendments “enhance the procedural mechanics and disclosure requirements relating to business proposals submitted and director nominations made by stockholders,” Disney said in the filing. That includes requiring “certain additional background information,...
- 11/30/2023
- by Todd Spangler
- Variety Film + TV
The Disney dividend is back.
After a suspension of more than three years, The Walt Disney Co. will bring back its dividend payments to shareholders.
The company announced Thursday that it will pay a dividend of $0.30 per share for shareholders of record as of Dec. 11. The payments will be made in January.
“This has been a year of important progress for The Walt Disney Company, defined by a strategic restructuring and a renewed focus on long-term growth,” said Mark Parker, chairman of the Disney board, in a statement. “As Disney moves forward with its key strategic objectives, we are pleased to declare a dividend for our shareholders while we continue to invest in the company’s future and prioritize meaningful value creation.”
Disney suspended its dividend in 2020, as it was reeling from the Covid-19 pandemic after its theme parks were closed and most productions shut down. The activist investor Dan Loeb...
After a suspension of more than three years, The Walt Disney Co. will bring back its dividend payments to shareholders.
The company announced Thursday that it will pay a dividend of $0.30 per share for shareholders of record as of Dec. 11. The payments will be made in January.
“This has been a year of important progress for The Walt Disney Company, defined by a strategic restructuring and a renewed focus on long-term growth,” said Mark Parker, chairman of the Disney board, in a statement. “As Disney moves forward with its key strategic objectives, we are pleased to declare a dividend for our shareholders while we continue to invest in the company’s future and prioritize meaningful value creation.”
Disney suspended its dividend in 2020, as it was reeling from the Covid-19 pandemic after its theme parks were closed and most productions shut down. The activist investor Dan Loeb...
- 11/30/2023
- by Alex Weprin
- The Hollywood Reporter - Movie News
The Walt Disney Co. has added former Group CEO of Sky Jeremy Darroch and Morgan Stanley CEO James Gorman to its board of directors and said Francis A. deSouza plans to surrender his seat at the end of his term.
The corporate announcement follows an appearance by CEO Bob Iger at The New York Times DealBook Summit, during which he addressed an activist push by investor Nelson Peltz. Along with former Marvel chief Ike Perlmutter, Peltz is seeking to gain seats on Disney’s board. “I am certain that the board will hear them out as to what their plans are,” Iger said of the duo, but added, “It’s not like we have a number of empty seats.”
Darroch’s appointment is effective January 9, 2024, Disney said, and Gorman’s takes effect on February 5, 2024.
The nominations of Gorman and Darroch to the board will be voted on by shareholders at...
The corporate announcement follows an appearance by CEO Bob Iger at The New York Times DealBook Summit, during which he addressed an activist push by investor Nelson Peltz. Along with former Marvel chief Ike Perlmutter, Peltz is seeking to gain seats on Disney’s board. “I am certain that the board will hear them out as to what their plans are,” Iger said of the duo, but added, “It’s not like we have a number of empty seats.”
Darroch’s appointment is effective January 9, 2024, Disney said, and Gorman’s takes effect on February 5, 2024.
The nominations of Gorman and Darroch to the board will be voted on by shareholders at...
- 11/29/2023
- by Dade Hayes
- Deadline Film + TV
The Walt Disney Co. is beefing up its board of directors.
The company says that Morgan Stanley CEO James Gorman and former Sky CEO Sir Jeremy Darroch will join the board in early 2024.
The studio conglomerate cited Gorman’s experience with Morgan Stanley’s acquisition of E-Trade in 2020 to note that the exec will “provide key perspectives as Disney leverages technology to advance its strategy.” And Darroch’s work transitioning Sky from linear TV to multi-platform was touted in relation to Disney’s own efforts to grow its direct-to-consumer streaming business.
Both will be up for election at the company’s next annual meeting. Current Disney board member Francis A. deSouza is stepping down to pursue an opportunity in the technology sector.
“James and Jeremy are both widely respected leaders in their industries, and their expertise will complement the talents and experience of the Disney board as we continue to...
The company says that Morgan Stanley CEO James Gorman and former Sky CEO Sir Jeremy Darroch will join the board in early 2024.
The studio conglomerate cited Gorman’s experience with Morgan Stanley’s acquisition of E-Trade in 2020 to note that the exec will “provide key perspectives as Disney leverages technology to advance its strategy.” And Darroch’s work transitioning Sky from linear TV to multi-platform was touted in relation to Disney’s own efforts to grow its direct-to-consumer streaming business.
Both will be up for election at the company’s next annual meeting. Current Disney board member Francis A. deSouza is stepping down to pursue an opportunity in the technology sector.
“James and Jeremy are both widely respected leaders in their industries, and their expertise will complement the talents and experience of the Disney board as we continue to...
- 11/29/2023
- by Alex Weprin
- The Hollywood Reporter - Movie News
Disney’s board named Morgan Stanley CEO James Gorman and former Sky chief Jeremy Darroch as new directors Wednesday.
Additionally, Disney has announced that board member Francis A. deSouza, former president and CEO of Illumina, will not stand for reelection at the company’s upcoming annual meeting, “as he pursues new opportunities in the technology sector that will require his full attention.”
The news comes one day after Disney held a company-wide town hall featuring CEO Bob Iger and his top lieutenants discussing the state of the business.
Along with Disney CEO Bob Iger and Disney board chairman Mark Parker, executive chairman of Nike, and deSouza, Disney’s board currently includes Mary T. Barra, Safra A. Catz, Amy L. Chang, Carolyn N. Everson, Michael B.G. Froman, Maria Elena Lagomasino, Calvin R. McDonald and Derica W. Rice.
The additions of Gorman (who begins his role Feb. 5) and Darroch (starting Jan.
Additionally, Disney has announced that board member Francis A. deSouza, former president and CEO of Illumina, will not stand for reelection at the company’s upcoming annual meeting, “as he pursues new opportunities in the technology sector that will require his full attention.”
The news comes one day after Disney held a company-wide town hall featuring CEO Bob Iger and his top lieutenants discussing the state of the business.
Along with Disney CEO Bob Iger and Disney board chairman Mark Parker, executive chairman of Nike, and deSouza, Disney’s board currently includes Mary T. Barra, Safra A. Catz, Amy L. Chang, Carolyn N. Everson, Michael B.G. Froman, Maria Elena Lagomasino, Calvin R. McDonald and Derica W. Rice.
The additions of Gorman (who begins his role Feb. 5) and Darroch (starting Jan.
- 11/29/2023
- by Jennifer Maas
- Variety Film + TV
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