2 months ago
JPMorgan Chase CEO Jamie Dimon progressive himself successful nan Disney-Trian Fund Management proxy conflict by expressing his support for CEO Bob Iger.
Dimon told CNBC connected Wednesday that Iger was a "first-class executive and outstanding leader" who "knows nan media and intermezo business acold and has nan successful way grounds to beryllium it."
"It’s a analyzable manufacture filled pinch imaginative talent, requiring nan unsocial expertise and engagement skills that Bob possesses," nan slope CEO continued, according to nan outlet. "Putting group connected a committee unnecessarily tin harm a company. I don’t cognize why shareholders would return that risk, particularly fixed nan important advancement the company has made since Bob came back."
JPMorgan Chase's Jamie Dimon said Disney's Bob Iger was a "first-class executive and outstanding leader." (Jeenah Moon/Bloomberg via Getty Images / Getty Images)
The latest proxy conflict betwixt nan intermezo elephantine and Trian Fund Management’s Nelson Peltz kicked disconnected precocious past year. Trian and affiliates person a liking successful Disney worthy astir $3.5 billion.
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The patient has based on that Disney has knowledgeable "chronic underperformance" in its financials and directed nan blasted astatine its board. It alleged nan committee has fallen short successful strategy oversight, superior allocation, culture, succession planning, executive compensation and different areas successful a precocious released achromatic paper.
On apical of calling for changes astatine nan company, Trian put guardant Peltz and erstwhile Disney CFO James Rasulo arsenic its nominees to Disney’s committee successful mid-December to thief "restore nan magic" astatine nan intermezo giant. It has continued to push for seats for nan duo since.
A motion adjacent an entranceway to Walt Disney World successful Orlando, Florida. (Joe Raedle/Getty Images / Getty Images)
In consequence to Dimon's backing of Iger, Trian said in a property release that Disney "appears to beryllium leaning connected its finance bankers and commercialized partners for nationalist endorsements, erstwhile this run should beryllium focused not connected statements of highly compensated bankers and work providers, but connected really shareholders tin guarantee bully governance and oversight from nan Board."
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FOX Business besides reached retired to Disney regarding Dimon but did not person a consequence by nan clip of publication.
Disney has antecedently pushed backmost connected Trian’s slew of criticisms, successful summation to arguing its "strategic translator is working" and its committee and guidance "are delivering connected our commitments to create superior, sustainable shareholder value." It has besides questioned nan qualifications of Trian’s nominees successful comparison to its ain committee nominees, who it said were "best qualified" for overseeing nan company.
Bob Iger attends nan Los Angeles typical screening of "Flamin' Hot" astatine Hollywood Post 43-American Legion connected June 9, 2023. (Axelle/Bauer-Griffin/FilmMagic / Getty Images)
Peltz and Trian antecedently engaged successful a proxy conflict pinch Disney and Iger that ended successful February of past year. Its extremity coincided pinch Disney revealing plans to curb costs done layoffs and different measures and to reshuffle nan company.
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In a filing this week, Disney said it was "on track" to execute its accrued annualized savings target of $7.5 billion.
| DIS | THE WALT DISNEY CO. | 115.15 | +0.63 | +0.55% |
The shareholder gathering wherever nan existent proxy conflict will travel to a caput is slated to return spot successful early April.
Disney’s committee nominees for that ballot see Mary Barra, Safra Catz, Amy Chang, Jeremy Carroch, Carolyn Everson, Michael Froman, James Gorman, Maria Lagomasino, Calvin McDonald, Mark Park, Derica Rice and Iger.
