The final voting results for the April 3, 2024, Walt Disney Company board during the proxy battle have been submitted to the SEC. These are the certified results from the independent auditor, First Coast Results, Inc. We can see just how many votes each candidate received.
Trian Partners Nelson Peltz received 370,974,890 votes for his nomination with 819,744,149 votes to withhold. James Rasulo garnered 141,546,437 votes for his nomination and 1,049,145,182 to withhold.
The seats they were campaigning for against Maria Elena Lagomasino and Michael Froman each had more votes, 749,857,222 and 1,041,407,854, respectively. Lagomasino had the fewest votes of the current Walt Disney Board members.
Blackwell Capital nominees all received far fewer votes.
The board member with the highest number of votes was James P. Gorman, who was just appointed last year. He received 1,160950,477 votes for and only 30,438,562 to withhold. After Gorman were Amy L. Chang, with 1,148,348,862, and D. Jeremy Darroch, with 1,147,893,579.
Bob Iger came in with...
Trian Partners Nelson Peltz received 370,974,890 votes for his nomination with 819,744,149 votes to withhold. James Rasulo garnered 141,546,437 votes for his nomination and 1,049,145,182 to withhold.
The seats they were campaigning for against Maria Elena Lagomasino and Michael Froman each had more votes, 749,857,222 and 1,041,407,854, respectively. Lagomasino had the fewest votes of the current Walt Disney Board members.
Blackwell Capital nominees all received far fewer votes.
The board member with the highest number of votes was James P. Gorman, who was just appointed last year. He received 1,160950,477 votes for and only 30,438,562 to withhold. After Gorman were Amy L. Chang, with 1,148,348,862, and D. Jeremy Darroch, with 1,147,893,579.
Bob Iger came in with...
- 4/18/2024
- by Kambrea Pratt
- Pirates & Princesses
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 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
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
(Stock image via Unsplash)
The Walt Disney Company and its chief executive successfully averted a shake-up on Wednesday after a challenge brought by Nelson Peltz’s hedge fund failed to secure enough shareholder votes.
Peltz, a major Disney investor, sought to install himself as a board director after affirming his position that the family-oriented company needed a fresh voices and perspectives from its senior leaders.
Preliminary results of the shareholder vote showed Iger and the current board secured enough support “by a substantial margin,” according to a statement from the company on Wednesday. All but one director currently on Disney’s board were appointed by Iger following his unexpected return to the company nearly two years ago.
“With the distracting proxy contest now behind us, we’re eager to focus 100 percent of our attention on our most important priorities: Growth and value creation for our shareholders and creative excellence for our consumers,...
The Walt Disney Company and its chief executive successfully averted a shake-up on Wednesday after a challenge brought by Nelson Peltz’s hedge fund failed to secure enough shareholder votes.
Peltz, a major Disney investor, sought to install himself as a board director after affirming his position that the family-oriented company needed a fresh voices and perspectives from its senior leaders.
Preliminary results of the shareholder vote showed Iger and the current board secured enough support “by a substantial margin,” according to a statement from the company on Wednesday. All but one director currently on Disney’s board were appointed by Iger following his unexpected return to the company nearly two years ago.
“With the distracting proxy contest now behind us, we’re eager to focus 100 percent of our attention on our most important priorities: Growth and value creation for our shareholders and creative excellence for our consumers,...
- 4/4/2024
- by Matthew Keys
- The Desk
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
**update** The Walt Disney Company Board wins the proxy battle with all Disney nominees being elected to the board for 2024-2025.
Today is the day of the Walt Disney Company Annual Board meeting, which is when the proxy battle between Disney, Trian Partners, and Blackwell Capital will be decided. Ahead of the meeting, the mainstream media is already calling it a win for the current Disney board.
Several prominent news outlets say that Disney has a safe lead, and two of their board members, Maria Elena Lagomasino and Michael Froman, were being targeted for replacement. Disney CEO Bob Iger was not the target for replacement, contrary to how Disney and many news outlets portrayed it as such.
This was an interesting race, given that individuals owned 40% of stock. While the contenders went after large investment firms and hedge fund groups, that only accounted for part of the vote.
At this time,...
Today is the day of the Walt Disney Company Annual Board meeting, which is when the proxy battle between Disney, Trian Partners, and Blackwell Capital will be decided. Ahead of the meeting, the mainstream media is already calling it a win for the current Disney board.
Several prominent news outlets say that Disney has a safe lead, and two of their board members, Maria Elena Lagomasino and Michael Froman, were being targeted for replacement. Disney CEO Bob Iger was not the target for replacement, contrary to how Disney and many news outlets portrayed it as such.
This was an interesting race, given that individuals owned 40% of stock. While the contenders went after large investment firms and hedge fund groups, that only accounted for part of the vote.
At this time,...
- 4/3/2024
- by Kambrea Pratt
- Pirates & Princesses
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
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
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
The fight to land two seats on Disney’s board is still ongoing and Nelson Peltz is hitting the global entertainment company with everything he’s got. In his newest round of attacks, he’s called the company’s strategy too “woke” that it’s eroding the very concept of entertainment.
Nelson Peltz Blasts “The Marvels” And “Black Panther” As “Woke” Films
Watch out Kevin Feige, because Nelson Peltz isn’t only after Disney’s CEO Bob Iger. In a recent interview with The Financial Times, Peltz attacked the Marvel chief, accusing him of focusing on the “woke” aspects of reality rather than thriving to making pure entertainment instead.
While he claims he isn’t looking forward to unseating any of them – that is Bob Iger and Kevin Feige – he did share his belief that the company’s mindset will need to shift if it still wants to remain the entertainment giant it is today.
Nelson Peltz Blasts “The Marvels” And “Black Panther” As “Woke” Films
Watch out Kevin Feige, because Nelson Peltz isn’t only after Disney’s CEO Bob Iger. In a recent interview with The Financial Times, Peltz attacked the Marvel chief, accusing him of focusing on the “woke” aspects of reality rather than thriving to making pure entertainment instead.
While he claims he isn’t looking forward to unseating any of them – that is Bob Iger and Kevin Feige – he did share his belief that the company’s mindset will need to shift if it still wants to remain the entertainment giant it is today.
- 3/27/2024
- by Nmesoma Okechukwu
- Celebrating The Soaps
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
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
If Bob Iger were a Marvel superhero, his power would be persuasion. The Disney CEO has long leaned on his ability to convince others of his plans. From film and TV writers, directors and stars, to Disney shareholders, to the company’s own board members, Iger’s track record has been impeccable.
Consider possibly the most important deal he ever led: Disney’s $4 billion acquisition of Marvel Entertainment in 2009. While Marvel’s success since then is not in dispute, at the time the idea of Disney chasing young men via the comic book brand was seen as a real risk. In his 2019 memoir The Ride of a Lifetime, Iger recalls how he pitched a skeptical Steve Jobs on the deal.
Jobs, who had sold Pixar to Disney just a couple of years earlier, was Disney’s largest shareholder and a member of the board. He also told Iger that he...
Consider possibly the most important deal he ever led: Disney’s $4 billion acquisition of Marvel Entertainment in 2009. While Marvel’s success since then is not in dispute, at the time the idea of Disney chasing young men via the comic book brand was seen as a real risk. In his 2019 memoir The Ride of a Lifetime, Iger recalls how he pitched a skeptical Steve Jobs on the deal.
Jobs, who had sold Pixar to Disney just a couple of years earlier, was Disney’s largest shareholder and a member of the board. He also told Iger that he...
- 3/27/2024
- by Alex Weprin
- The Hollywood Reporter - Movie News
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
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
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
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
After Disney delivered strong quarterly earnings results, including cutting streaming losses and reaffirming a profitable streaming business this summer, CEO Bob Iger said the “last thing” the company needs is activist investors like Nelson Peltz interfering in the business.
In an interview on CNBC Wednesday after Disney reported its first-quarter earnings, Iger was asked if the positive results would assuage the concerns of Peltz, who is trying to nominate his own board members to the Disney due to what he says is the company’s lagging stock performance and a push for the company to achieve “Netflix-like margins.”
Iger said that when he returned to the company it faced “considerable challenges,” including a streaming business that had “no path to profitability” and a “questionable balance sheet” with no ability to increase dividends or do stock buybacks. But he said patience, and a great team, have been key to turning...
In an interview on CNBC Wednesday after Disney reported its first-quarter earnings, Iger was asked if the positive results would assuage the concerns of Peltz, who is trying to nominate his own board members to the Disney due to what he says is the company’s lagging stock performance and a push for the company to achieve “Netflix-like margins.”
Iger said that when he returned to the company it faced “considerable challenges,” including a streaming business that had “no path to profitability” and a “questionable balance sheet” with no ability to increase dividends or do stock buybacks. But he said patience, and a great team, have been key to turning...
- 2/7/2024
- by Caitlin Huston
- The Hollywood Reporter - Movie News
Disney will unveil fiscal first-quarter financials after market close Wednesday – but this isn’t any earnings report. It’s one that comes with two separate activist shareholders lobbying aggressively to push new directors onto the company’s board because the stock has lagged and, they say, Disney hasn’t made any big moves to create value.
One potential game changer came late yesterday with Disney, Warner Bros. and Fox announcing the launch of a new sports streaming joint venture pooling the sports rights of three big media companies. That will generate a lot of conversation on Disney’s earnings call — but is it enough for Nelson Peltz to back off? He retreated from a proxy fight a year ago, but Disney’s stock was higher then.
The shares are trading at $99 — up nicely from a 52-week low of $79, but still down significantly from a year high of over $118.
Estimates for...
One potential game changer came late yesterday with Disney, Warner Bros. and Fox announcing the launch of a new sports streaming joint venture pooling the sports rights of three big media companies. That will generate a lot of conversation on Disney’s earnings call — but is it enough for Nelson Peltz to back off? He retreated from a proxy fight a year ago, but Disney’s stock was higher then.
The shares are trading at $99 — up nicely from a 52-week low of $79, but still down significantly from a year high of over $118.
Estimates for...
- 2/7/2024
- by Jill Goldsmith
- Deadline Film + TV
Disney, assailed by activist investors, launched a new website today called VoteDisney with a video featuring Donald Duck’s uncle and other animated creatures telling shareholders what to do to keep the company’s board of directors intact, and showing them how to do it.
“Friends, relatives and estimated chairman, you’re probably all wondering what we’re doing here today,” said Professor Ludwig Von Drake, the 1961 Disney character, leading into a voiceover that insisted, “We need you to all vote for your board … voting is easy.”
“Remember it’s important you vote only for Disney’s 12 nominees using the white proxy card. Do not vote for the Trian group or Blackwell’s nominees. Voting this year is critical no matter how many or how few shares you may own … Please vote all of your shares on all of your accounts.”
Trian group founder and CEO, activist investor Nelson Peltz,...
“Friends, relatives and estimated chairman, you’re probably all wondering what we’re doing here today,” said Professor Ludwig Von Drake, the 1961 Disney character, leading into a voiceover that insisted, “We need you to all vote for your board … voting is easy.”
“Remember it’s important you vote only for Disney’s 12 nominees using the white proxy card. Do not vote for the Trian group or Blackwell’s nominees. Voting this year is critical no matter how many or how few shares you may own … Please vote all of your shares on all of your accounts.”
Trian group founder and CEO, activist investor Nelson Peltz,...
- 2/6/2024
- by Jill Goldsmith
- Deadline Film + TV
Disney is calling on Professor Ludwig Von Drake as a reinforcement in its board battle against Nelson Peltz and his Trian Partners.
The media and entertainment giant released an animated video Monday urging shareholders to vote, but only for the company’s preferred board members. The Austrian duck, who is uncle to Donald and an expert on many subjects in the Disney universe, guides the shareholders through the voting process that kicks off ahead of the April 3 shareholder meeting.
In the video, which also pulls in other classic Disney animation and the muses from Hercules, the voiceover repeatedly emphasizes the company’s preferred method of voting, which involves selecting its 12 nominees who appear on a white proxy card, while suggesting that voting any other way is incorrect.
“Remember, it’s important you vote only for Disney’s 12 nominees using the white proxy card. Do not vote for the Trian Group or Blackwells’ nominees,...
The media and entertainment giant released an animated video Monday urging shareholders to vote, but only for the company’s preferred board members. The Austrian duck, who is uncle to Donald and an expert on many subjects in the Disney universe, guides the shareholders through the voting process that kicks off ahead of the April 3 shareholder meeting.
In the video, which also pulls in other classic Disney animation and the muses from Hercules, the voiceover repeatedly emphasizes the company’s preferred method of voting, which involves selecting its 12 nominees who appear on a white proxy card, while suggesting that voting any other way is incorrect.
“Remember, it’s important you vote only for Disney’s 12 nominees using the white proxy card. Do not vote for the Trian Group or Blackwells’ nominees,...
- 2/5/2024
- by Caitlin Huston
- The Hollywood Reporter - Movie News
The Walt Disney Co.’s board battle with Nelson Peltz and his Trian Partners now has an end date: April 3, 2024.
That’s the day that Disney has scheduled its annual shareholder meeting, in which Peltz’s Trian and another activist Blackwells Capital have submitted their own names to join Disney’s board.
Trian is targeting Disney directors Michael B.G. Froman and Maria Elena Lagomasino, and recommending Peltz and former Disney CFO Jay Rasulo. Blackwells is nominating Craig Hatkoff, Jessica Schell and Leah Solivan.
Disney’s proxy is largely the same as the preliminary version of the filing last month, which included CEO Bob Iger’s 2023 pay package of $31.6 million, as well as a formal rejection of the Trian nominees.
Now that Disney has set April 3 as the meeting date, the company — and Trian and Blackwells — will have a little over two months to make their respective cases to shareholders.
That’s the day that Disney has scheduled its annual shareholder meeting, in which Peltz’s Trian and another activist Blackwells Capital have submitted their own names to join Disney’s board.
Trian is targeting Disney directors Michael B.G. Froman and Maria Elena Lagomasino, and recommending Peltz and former Disney CFO Jay Rasulo. Blackwells is nominating Craig Hatkoff, Jessica Schell and Leah Solivan.
Disney’s proxy is largely the same as the preliminary version of the filing last month, which included CEO Bob Iger’s 2023 pay package of $31.6 million, as well as a formal rejection of the Trian nominees.
Now that Disney has set April 3 as the meeting date, the company — and Trian and Blackwells — will have a little over two months to make their respective cases to shareholders.
- 2/1/2024
- by Alex Weprin
- The Hollywood Reporter - Movie News
Nelson Peltz’s battle to join the Disney board has crossed another crucial step.
Peltz’s Trian Partners on Wednesday released its preliminary proxy statement, in which it said it would ask shareholders to withhold their votes for current Disney board members Michael B.G. Froman and Maria Elena Lagomasino, and instead vote for Peltz and former Disney CFO Jay Rasulo to join the board.
Trian argues against voting for Froman “because he has no experience as a public company director outside of Disney and has spent most of the past 25 years of his career in fields which appear largely unrelated to Disney’s businesses: working as a federal trade representative, a national security advisor, and a financial executive.”
Trian’s argument against Lagomasino is “because her background in wealth management also appears largely unrelated to Disney’s businesses,” and due to her position on the Disney compensation committee, in...
Peltz’s Trian Partners on Wednesday released its preliminary proxy statement, in which it said it would ask shareholders to withhold their votes for current Disney board members Michael B.G. Froman and Maria Elena Lagomasino, and instead vote for Peltz and former Disney CFO Jay Rasulo to join the board.
Trian argues against voting for Froman “because he has no experience as a public company director outside of Disney and has spent most of the past 25 years of his career in fields which appear largely unrelated to Disney’s businesses: working as a federal trade representative, a national security advisor, and a financial executive.”
Trian’s argument against Lagomasino is “because her background in wealth management also appears largely unrelated to Disney’s businesses,” and due to her position on the Disney compensation committee, in...
- 2/1/2024
- by Alex Weprin
- The Hollywood Reporter - Movie News
Nelson Peltz wants Disney shareholders to elect him and former Disney executive Jay Rasulo to the company’s board, and today he unveiled the two current directors he’d like unseated to make room.
Trian, Peltz’s investment firm, asked shareholds to withhold votes for Maria Elena Lagomasino and Michael Froman and vote for himself and Rasulo instead as he ramps up his campaign against Disney for what he calls poor management that’s resulted in a lagging stock price. The board showdown will come at Disney’s annual meeting this spring — the date hasn’t been announced. Peltz has been slamming the company in shareholder communications and on a website called Restore The Magic.
In an SEC filing today, Trian said Froman “has no experience as a public company director outside of Disney and has spent most of the past 25 years of his career in fields which appear largely...
Trian, Peltz’s investment firm, asked shareholds to withhold votes for Maria Elena Lagomasino and Michael Froman and vote for himself and Rasulo instead as he ramps up his campaign against Disney for what he calls poor management that’s resulted in a lagging stock price. The board showdown will come at Disney’s annual meeting this spring — the date hasn’t been announced. Peltz has been slamming the company in shareholder communications and on a website called Restore The Magic.
In an SEC filing today, Trian said Froman “has no experience as a public company director outside of Disney and has spent most of the past 25 years of his career in fields which appear largely...
- 2/1/2024
- by Jill Goldsmith
- Deadline Film + TV
Blackwells Capital, a Disney shareholder with plenty of opinions about who should sit on the company’s board of directors, blasted the rival Trian Group for its own board maneuvering.
In a press release Monday, Blackwells Chief Investment Officer Jason Aintabi said Trian co-founder Nelson Peltz has come up short in terms of suggesting ways for the media giant to right its ship. Trian, which owns about $3 billion in Disney stock, last week formally initiated a proxy war with Disney by nominating Peltz and former Disney CFO Jay Rasulo to the board. The firm plans to solicit support from a shareholder base that it believes has grown restless over the company’s lackluster stock performance.
Trian has attacked Disney’s path under CEO Bob Iger, who returned to the top exec role in November 2022 in a bid to shore up the company after it slipped under his hand-picked successor, Bob Chapek.
In a press release Monday, Blackwells Chief Investment Officer Jason Aintabi said Trian co-founder Nelson Peltz has come up short in terms of suggesting ways for the media giant to right its ship. Trian, which owns about $3 billion in Disney stock, last week formally initiated a proxy war with Disney by nominating Peltz and former Disney CFO Jay Rasulo to the board. The firm plans to solicit support from a shareholder base that it believes has grown restless over the company’s lackluster stock performance.
Trian has attacked Disney’s path under CEO Bob Iger, who returned to the top exec role in November 2022 in a bid to shore up the company after it slipped under his hand-picked successor, Bob Chapek.
- 1/22/2024
- by Dade Hayes
- Deadline Film + TV
Disney CEO Bob Iger’s compensation totaled about $31.6 million for the company fiscal year ended Sept. 30. It includes most of the year. Iger returned to lead Disney in November of 2022.
In a preliminary proxy statement filed with the SEC this afternoon, Disney also alerted shareholders to an upcoming annual meeting but didn’t provide the date, which will be forthcoming. The event looks set to be the scene of a nasty proxy battle with two sets of activist investors looking to seat outside directors on the board.
Disney said in the filing, emphasized in separate press release, that it does not endorse the nominations of Nelson Peltz and James Rasulo put forth by Trian Fund Management, led by Peltz and backed by former Disney executive and shareholder Ike Perlmutter. Nor does the company endorse the nominations of Craig Hatkoff, Jessica Schell and Leah Solivan put forth for election as directors by another activist fund,...
In a preliminary proxy statement filed with the SEC this afternoon, Disney also alerted shareholders to an upcoming annual meeting but didn’t provide the date, which will be forthcoming. The event looks set to be the scene of a nasty proxy battle with two sets of activist investors looking to seat outside directors on the board.
Disney said in the filing, emphasized in separate press release, that it does not endorse the nominations of Nelson Peltz and James Rasulo put forth by Trian Fund Management, led by Peltz and backed by former Disney executive and shareholder Ike Perlmutter. Nor does the company endorse the nominations of Craig Hatkoff, Jessica Schell and Leah Solivan put forth for election as directors by another activist fund,...
- 1/16/2024
- by Jill Goldsmith
- Deadline Film + TV
Amid an activist investor fight with Nelson Peltz and his Trian fund, the Bob Iger-led Disney formally rejected nominations that Peltz offered for the board of directors and put forward its own slate.
Disney’s board presented these nominees: 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. Rice.
“The nominees reflect Disney’s ongoing commitment to a strong Board focused on the long-term performance of the company, strategic growth initiatives, the succession planning process, and increasing shareholder value,” the company stated.
The nominees came in the company’s preliminary proxy statement, which also had some background on Trian’s board crusade, and revealed executive pay for Iger and other top Disney executives.
Iger’s fiscal 2023 pay was $31.6 million, with former...
Disney’s board presented these nominees: 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. Rice.
“The nominees reflect Disney’s ongoing commitment to a strong Board focused on the long-term performance of the company, strategic growth initiatives, the succession planning process, and increasing shareholder value,” the company stated.
The nominees came in the company’s preliminary proxy statement, which also had some background on Trian’s board crusade, and revealed executive pay for Iger and other top Disney executives.
Iger’s fiscal 2023 pay was $31.6 million, with former...
- 1/16/2024
- by Alex Weprin
- The Hollywood Reporter - Movie News
Disney CEO Bob Iger saw his compensation hit $31.6 million in 2023 — down from $45.9 million in 2021, his last prior full year of employment at the company.
Iger’s 2023 pay package included $865,385 in base salary, plus 16.1 million in stock awards, $10 million in stock-option awards, $2.14 million cash bonus and $2.48 million in other compensation, according to the company’s proxy statement filed Tuesday with the SEC. His contract with Disney runs through the end of 2026.
Iger was Disney CEO from 2005-20 and served as executive chairman of the company through the end 2021. He returned as interim CEO after the ouster of Bob Chapek — who had been Iger’s hand-picked successor — in November 2022. For 2023, Chapek received total compensation from Disney of $9.94 million.
Also Tuesday, Disney’s board of directors disclosed its recommended slate of 12 nominees for election at the 2024 annual meeting of shareholders (with the date Tba) in the preliminary proxy materials. The board officially rejected...
Iger’s 2023 pay package included $865,385 in base salary, plus 16.1 million in stock awards, $10 million in stock-option awards, $2.14 million cash bonus and $2.48 million in other compensation, according to the company’s proxy statement filed Tuesday with the SEC. His contract with Disney runs through the end of 2026.
Iger was Disney CEO from 2005-20 and served as executive chairman of the company through the end 2021. He returned as interim CEO after the ouster of Bob Chapek — who had been Iger’s hand-picked successor — in November 2022. For 2023, Chapek received total compensation from Disney of $9.94 million.
Also Tuesday, Disney’s board of directors disclosed its recommended slate of 12 nominees for election at the 2024 annual meeting of shareholders (with the date Tba) in the preliminary proxy materials. The board officially rejected...
- 1/16/2024
- by Todd Spangler
- Variety Film + TV
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
Disney’s activist investor has found his target.
Nelson Peltz, the Trian Management founder who is leading a proxy fight against the entertainment company, is targeting Disney board member Michael B.G. Froman in the battle.
On Thursday, Peltz’s firm released a proxy form and began messaging Disney shareholders, urging them to withhold votes for Froman, and to vote for Peltz instead.
Trian also released a new open letter to Disney shareholders, tweaking its messaging in a subtle but critical way: In its initial presentation, Trian focused on the performance of Disney CEO Bob Iger and his predecessor Bob Chapek. In the new letter, Trian is targeting Disney’s board, calling out Disney’s declining stock price and Eps in 2022, as well as its decision to cancel its dividend, adding that “it is clear the Board of Directors has caused this recent destruction of value.
“As the owners of this great company,...
Nelson Peltz, the Trian Management founder who is leading a proxy fight against the entertainment company, is targeting Disney board member Michael B.G. Froman in the battle.
On Thursday, Peltz’s firm released a proxy form and began messaging Disney shareholders, urging them to withhold votes for Froman, and to vote for Peltz instead.
Trian also released a new open letter to Disney shareholders, tweaking its messaging in a subtle but critical way: In its initial presentation, Trian focused on the performance of Disney CEO Bob Iger and his predecessor Bob Chapek. In the new letter, Trian is targeting Disney’s board, calling out Disney’s declining stock price and Eps in 2022, as well as its decision to cancel its dividend, adding that “it is clear the Board of Directors has caused this recent destruction of value.
“As the owners of this great company,...
- 2/2/2023
- by Alex Weprin
- The Hollywood Reporter - Movie News
Disney has named board member Mark Parker, Nike’s executive chairman, as its new chairman of the board, succeeding Susan Arnold, the company announced Wednesday.
Parker’s appointment is effective following Disney’s upcoming annual meeting of shareholders, which usually takes place in March, with Arnold unable to stand for re-election in her position due to the board’s 15-year limit. As a result, the board will be reduced to 11 members upon Arnold’s exit.
Additionally, the board has responded to a letter from activist investor group Trian Partners recommending that Disney shareholders vote for all of its recommended board nominees rather than Trian’s Nelson Peltz, who is out the outset of a proxy fight with Disney in his effort to join the board.
Two months ago, Trian began seeking a board seat after taking approximately an 800 million stake in Disney. In a letter sent to the Disney board last week,...
Parker’s appointment is effective following Disney’s upcoming annual meeting of shareholders, which usually takes place in March, with Arnold unable to stand for re-election in her position due to the board’s 15-year limit. As a result, the board will be reduced to 11 members upon Arnold’s exit.
Additionally, the board has responded to a letter from activist investor group Trian Partners recommending that Disney shareholders vote for all of its recommended board nominees rather than Trian’s Nelson Peltz, who is out the outset of a proxy fight with Disney in his effort to join the board.
Two months ago, Trian began seeking a board seat after taking approximately an 800 million stake in Disney. In a letter sent to the Disney board last week,...
- 1/11/2023
- by Jennifer Maas
- Variety Film + TV
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