1 month ago
Disney connected Wednesday emerged victorious successful its proxy conflict pinch activistic investors.
The intermezo giant, helmed by CEO Bob Iger, said Wednesday day that a preliminary tally showed its 12 committee nominees won re-election.
Disney said nan consequence was a "substantial margin" complete nan totals formed for Trian Group and Blackwells Capital, 2 entities that separately launched proxy fights against the company.
Walt Disney Studios successful Burbank, California, connected Feb. 9, 2023. (Eric Thayer/Bloomberg via Getty Images / Getty Images)
Trian put guardant Nelson Peltz and erstwhile Disney CFO Jay Rasulo arsenic its committee nominees, arguing they should switch Disney’s Michael Froman and Maria Lagomasino. Meanwhile, finance patient Blackwells projected 3 candidates — Jessica Schell, Craig Hatkoff and Leah Solivan — arsenic additions to nan intermezo giant’s committee to capable gaps it perceived.
MEET DISNEY'S BOARD OF 12
| DIS | THE WALT DISNEY CO. | 118.98 | -3.85 | -3.14% |
"While we are disappointed pinch nan result of this proxy contest, Trian greatly appreciates each of nan support and speech we person had pinch Disney stakeholders," Trian said Wednesday of nan preliminary results. "We are proud of nan effect we person had successful refocusing this institution connected worth creation and bully governance."
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Trian besides said it "will beryllium watching nan Company's performance and beryllium focusing connected its continued success."
The proxy conflict betwixt Disney and Trian and Peltz had been peculiarly heated successful nan weeks starring up to nan yearly shareholder meeting.
Disney's Bob Iger attends nan exclusive 100-minute sneak peek of Peter Jackson's "The Beatles: Get Back" astatine El Capitan Theatre successful Hollywood, California, connected Nov. 18, 2021. (Charley Gallay/Getty Images for Disney / Getty Images)
Trian claimed Disney "has mislaid its measurement successful nan past decade" and knowledgeable "chronic underperformance" financially for shareholders.
It besides accused nan committee of "questionable strategical and superior allocation decisions, mediocre executive compensation alignment and suboptimal succession planning" for Iger’s eventual replacement. It had besides flagged things for illustration box agency performance and linear TV.
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Countering Trian’s claims, Disney said it "aggressively executed our cardinal strategical priorities to make Disney’s business much businesslike and effective, reinvigorated our imaginative engines, and sharpened our attraction connected our top marque and franchise assets."
Attendees are reflected successful nan Disney+ logo during nan Walt Disney D23 Expo successful Anaheim, California, connected Sept. 9, 2022. (PATRICK T. FALLON/AFP via Getty Images / Getty Images)
Blackwells, meanwhile, said successful a connection to FOX Business that its "primary objective" of preventing Peltz from getting a Disney committee spot had been achieved.
"The institution would person benefited from immoderate 1 of our candidates for nan difficult activity needed complete nan adjacent fewer years to beforehand this iconic company, but we respect nan will of nan shareholders and nan outcome. Disney, for its part, showed that it needs to beryllium much focused connected transparency and genuinely acting successful nan champion interests of each its shareholders," nan finance patient said.
Legendary filmmaker George Lucas and others, including Disney family members and JPMorgan Chase CEO Jamie Dimon, person stood by Disney and Iger successful caller weeks.
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"I want to convey our shareholders for their spot and assurance successful our Board and management," Iger said, adding that nan institution was "eager to attraction 100% of our attention" connected "growth and value creation for our shareholders and imaginative excellence for our consumers" now that nan proxy conflict has ended.
Disney said nan last ballot counts still needed certification from its independent elections inspector.
