Bob Iger WINS Proxy Battle Vs Nelson Peltz | Disney Update
167Bob Iger WINS Proxy Battle Vs Nelson Peltz | Disney Update
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Nelson Peltz and Blackwells Capital have lost their proxy fights to get their nominees onto the Disney Board of Directors, according to Reuters.
Nelson Peltz, CEO of Trian Fund Management, first pushed for a seat on the Disney Board in early 2023. He soon after gave up on this proxy fight, but in the fall, he picked up efforts again. With former Marvel Entertainment Chairman Ike Perlmutter on his side, Peltz nominated himself and former Disney CFO Jay Rasulo for the Board. Disney turned down Peltz’s request for seats and amended their bylaws regarding nominations by outside parties. The proxy fight officially began.
Blackwells Capital launched a campaign for seats in early 2024, nominating former Warner Bros. and NBCUniversal executive Jessica Schell, Tribeca Film Festival co-founder Craig Hatkoff, and TaskRabbit founder Leah Solivan. Disney, meanwhile, officially nominated all of their current Board members, including the recent additions of Morgan Stanley Chairman and CEO James P. Gorman and former Group Chief Executive of Sky Jeremy Darroch. Peltz hoped to replace Maria Elena Lagomasino and Michael Froman.
Disney and Iger repeatedly urged shareholders to vote for their nominees and not Trian’s or Blackwells’. Strategies included a personal plea by Iger, a letter highlighting their progress during Iger’s tenure, a video of Ludwig Von Drake explaining how to vote, and a political ad-style attack video.
Peltz blamed the current Board for Disney’s “declining financial performance” and suggested bundling ESPN+ with another streamer for increased profitability. In Trian’s “white paper” of recommendations, they stated Peltz and Rasulo would initiate a board-led review of Disney’s creative process and structure.
Blackwells suggested splitting The Walt Disney Company into three segments and using AI technology to bring characters to life.
Influential proxy advisory firm Institutional Shareholder Services (ISS) supported Peltz’s nomination, although not Rasulo’s nor Blackwells’. Peltz also gained support from Egan-Jones, Neuberger Berman, and the California Public Employees’ Retirement System.
Proxy advisor Glass Lewis, on the other hand, supported Disney and Iger. BlackRock and T. Rowe Price also reportedly supported Disney. Disney also saw public support from former Imagineer Bob Weis, George Lucas, JPMorgan Chase CEO Jamie Dimon, Olaf voice actor and Disney Legend Josh Gad, and the grandchildren of Walt and Roy Disney.
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