Walt Disney Co. said Tuesday it “does not support” the activist nominee in a preliminary proxy statement filed with the Securities and Exchange Commission.
Disney CEO Bob Iger said in a letter to investors that the company has embarked on an “unprecedented transformation,” revamping its leadership team and streamlining operations to improve cost efficiency. He said he did.
We expect to achieve approximately $7.5 billion in cost savings, approximately $2 billion more than originally targeted.
Iger said Disney will prioritize making its streaming business more profitable, turning its sports media brand ESPN into a “preeminent” digital platform and driving theme park growth while improving productivity and economics for film studios. He said it has been “accelerating.”
“We have already made significant progress on all four of these opportunities, and we will continue to move forward quickly and clearly,” Iger said, urging shareholders to support Disney's 12 nominees and joining the investor group. wrote that he had rejected the candidates submitted by Tryon and Blackwells. .
In December, activist investor Trian Fund Management announced two independent director candidates for Disney's board of directors, CEO Nelson Peltz and former Disney chief financial officer Jay Laslo. announced that he had been appointed.
Blackwells Capital has proposed three candidates to replace investors seeking a fresh perspective on Disney's board.
Earlier this month, Disney's board of directors voted to reject Mr. Tryon's candidacy and Mr. Blackwell's candidacy. The directors said Nelson Peltz had “never actually presented any strategic ideas to Disney” and that his experience was not in media or technology.
Peltz's relationship with Ike Perlmutter, the former chairman of Marvel Entertainment, who has a checkered history with Disney, “raised serious concerns” for the directors.
Perlmutter was fired last March as part of the company's cost-cutting campaign.
Disney's board did not support Mr. Laszlo, Disney's former chief financial officer, because of his lack of executive experience at other publicly traded companies.
The company also said his tenure as iHeartMedia's director did not lead to significant profits and that his relationship with Mr. Perlmutter also raised concerns.
