Rich Greenfield, partner at LightShed Ventures, talks about the future of Disney on “The Craman Countdown.”
Disney won a proxy battle with an activist investor on Wednesday.
The entertainment giant, led by CEO Bob Iger, announced Wednesday afternoon that 12 nominees for its board of directors have won re-election after a preliminary count.
Disney said the results “significantly exceeded” the total amount invested by Trian Group and Blackwells Capital, two companies that launched separate proxy fights against the company.
February 9, 2023 at Walt Disney Studios in Burbank, California. (Photographer: Eric Thayer/Bloomberg via Getty Images/Getty Images)
Trian has recommended Nelson Peltz and former Disney CFO Jay Laszlo as director candidates to replace Disney’s Michael Froman and Maria Lagomasino. Meanwhile, investment firm Blackwells has proposed adding three candidates to the entertainment giant’s board of directors to fill perceived gaps: Jessica Schell, Craig Hatkoff and Leah Solivan. did.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| DIS | walt disney company | 119.98 | -2.85 | -2.32% |
“While we are disappointed with the outcome of this proxy fight, we are extremely grateful for all of the support and conversations we have had with the Disney community,” Tryon said Wednesday of the preliminary results. “We are proud of the impact this company has had by refocusing on value creation and good governance.”
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Trian also said it will “monitor our performance closely and remain focused on our continued success.”
The proxy battle between Disney and Tryon & Peltz became particularly heated in the weeks leading up to the company’s annual shareholder meeting.
Disney’s Bob Iger attends an exclusive 100-minute sneak peek of Peter Jackson’s The Beatles: Get Back at the El Capitan Theater in Hollywood, California on November 18, 2021 . ((Photo credit: Charley Gallay / Getty Images for Disney) / Getty Images)
Tryon argued that Disney had “lost its path over the past decade” and experienced “chronic underperformance” financially for shareholders.
The board also accused Mr. Iger of making “questionable strategic and capital allocation decisions, poorly aligned executive compensation, and suboptimal succession planning.” Box office results and linear television were also flagged.
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Refuting Trion’s claims, Disney said it is “aggressively executing on key strategic priorities to make Disney’s business more efficient and effective, reinvigorating our creative engine and reinvigorating our greatest brand assets.” and strengthened our focus on franchise assets.”
Attendees are seen in the Disney+ logo at the Walt Disney D23 Expo on September 9, 2022 in Anaheim, California. (Patrick T. Fallon/AFP via Getty Images/Getty Images)
Meanwhile, Blackwells said in a statement to FOX Business that its “primary objective” of preventing Peltz from obtaining a seat on Disney’s board of directors has been achieved.
“We could have benefited from any of our nominees due to the hard work required over the next few years to move this iconic company forward. “We respect the outcome. On Disney’s part, there is a greater emphasis on transparency and acting with genuine consideration for the best interests of all shareholders,” the investment firm said.
Legendary director George Lucas, the Disney family and JPMorgan Chase CEO Jamie Dimon have all supported Disney and Iger in recent weeks.
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“I would like to thank our shareholders for their trust and confidence in our board and management team,” Iger said, adding that the company “wants to remain 100% focused on growth and value creation for our shareholders and the company’s creative excellence.” ” he added. Now that the proxy war for our consumers is over.
Disney said the final vote count still requires certification by independent election inspectors.
