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Walt Disney Co. defends its “high-quality board and clear strategy” for growth and rising stock price after activist investment firm Trian Capital’s latest attack on the company expressed.
The company also revealed the date for its annual shareholder meeting, which could set off a bigger firestorm over the media giant’s direction in 20 years. The gathering will be held on April 3rd and will be held virtually, unlike Disney’s long-standing tradition of holding in-person gatherings in rotation in a series of cities across the United States.
Trion, co-founded by Nelson Peltz, is working with former Marvel president Ike Perlmutter in an attack on Disney’s declining stock price. Mr. Peltz has been critical of Disney management, including CEO Bob Iger, and Mr. Tryon told shareholders that he would withhold support for two Disney director candidates and instead offer Mr. Peltz and former It recommended that Disney CFO Jay Laslo be added to the 12-person board of directors.
Latest letter to shareholders Today, Tryon reiterated complaints from the past few weeks, saying streaming flagship Disney+ is “mismanaged,” ESPN lacks direction and the movie studio’s creative engine is “stalling.”
Blackwells is another investment firm with its own board candidates: Craig Hatkoff, Jessica Schell and Leah Solivan. In Thursday’s proxy statement, Blackwells reiterated its support for Disney’s management, a key difference from Tryon. Mr. Peltz and Mr. Perlmutter criticized Mr. Iger’s performance and said he and others should be ejected. Meanwhile, Blackwells said board members should be given the opportunity to “contribute to the company’s continued growth and transformation efforts under existing leadership.”
In response, Disney said in a statement that the company “has the right strategy to drive profitable growth and value creation for shareholders, and is committed to advancing its business, including increasing its focus on its largest brand and franchise assets.” “We are making significant progress toward our goal of becoming more efficient and effective.” Continued efforts to reduce costs and restore dividends.
The company, management, and board “remain focused on this construction plan,” the statement continued, “which positions our streaming business for sustained growth and profitability.” “This will reinvigorate the company’s film studios, strengthen ESPN for the future and accelerate Disney’s growth.” Experience business.
Disney has rebuffed multiple efforts from investors to recommend candidates for its board, but has said all 12 of its nominees are “best qualified to create sustainable shareholder value.” reiterated his opinion.