Bank of America’s Jessica Lief Ehrlich talked about Disney’s $130 price target on “Craman Countdown,” a day after the earnings boosted the stock by 10%.
JPMorgan Chase CEO Jamie Dimon has voiced support for CEO Bob Iger and has become involved in the proxy battle between Disney and Trian Fund Management.
Daimon told CNBC Iger said Wednesday that he is a “first-class executive and a great leader” who “knows the media and entertainment industry and has a track record of success to prove it.”
“This is a complex industry full of creative talent, and we need Bob’s unique expertise and engagement skills,” the bank’s CEO continued, according to the newspaper. “Unnecessarily appointing people to the board can be damaging to the company. Why should shareholders take that risk, especially given the great progress the company has made since Bob’s return? I do not understand.”
JPMorgan Chase & Co.’s Jamie Dimon said Disney’s Bob Iger is “a first-class executive and a great leader.” (Gina Moon/Bloomberg via Getty Images/Getty Images)
The latest proxy battle between the entertainment giant and Trian Fund Management’s Nelson Peltz began late last year. Tryon and related companies own approximately $3.5 billion worth of Disney stock.
Disney wins approval from local cities to expand park’s ‘immersive’ attractions
The company argued that Disney was experiencing “chronic financial underperformance” and that the board of directors was to blame. A recently released white paper argued that boards are falling short in areas such as strategic oversight, capital allocation, culture, succession planning and executive compensation.
In addition to pushing for change at the company, Tryon nominated Peltz and former Disney CFO James Laszlo as board candidates in mid-December to help the entertainment giant “recover the magic.” did. Since then, they have been seeking seats for this duo.
A sign near the entrance to Walt Disney World in Orlando, Florida. (Joe Radle/Getty Images/Getty Images)
In response to Dimon’s endorsement of Iger, Tryon said: in a press release “While Disney appears to be seeking public support from its investment bankers and commercial partners, this campaign is not a statement from highly compensated bankers or service providers, but rather how shareholders should ensure proper governance and oversight by the board of directors.” We should focus on how we can ensure this.”
Disney beats revenue forecasts, stock price soars in extended trading
FOX Business also reached out to Disney regarding Dimon, but did not receive a response by press time.
Disney has previously maintained that Trian’s “strategic transformation is working” and that its board and management team is “delivering on its promise to create superior and sustainable shareholder value.” has faced much criticism. It also questioned the quality of Trian’s board candidates compared to the company’s board candidates, saying they were “the most qualified” to oversee the company.
Bob Iger attends the special screening of ‘Flamin’ Hot’ in Los Angeles held at Hollywood Post 43 American Legion on June 9, 2023. (Axel/Bauer Griffin/FilmMagic/Getty Images)
Mr. Peltz and Mr. Tryon previously fought a proxy battle with Disney and Iger, which ended in February of last year. Its termination coincided with Disney revealing plans to cut costs and restructure the company through layoffs and other measures.
Disney CEO Bob Iger fuels activist investors amid stock market slump
Disney said in a filing this week that it is “on track” to increase its annual savings goal by $7.5 billion.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| DIS | walt disney company | 112.50 | +0.04 | +0.04% |
The final shareholder meeting in the current proxy contest is scheduled to be held in early April.
Disney director nominees in this vote include Mary Barra, Safra Catz, Amy Cheung, Jeremy Carlock, Carolyn Everson, Michael Froman, James Gorman, Maria Lagomasino, Calvin MacDonald, Mark Includes Park, Delica Rice, and Eiger.
