The Walt Disney Company is getting ready for its 2024 Annual Meeting of Shareholders, and they’re pleading with stakeholders to support their nominations for the Board of Directors.
©Disney | Walt Disney Company Headquarters
Disney made it clear that they do not endorse the nominations of Nelson Peltz and former Disney CFO Jay Rasulo in their announcement, and now, a letter has been sent to shareholders urging them to vote against Peltz and Rasulo.
The 2024 Walt Disney Company Annual Meeting of Shareholders is taking place on April 3rd, and that’s when voting on Disney’s new Board of Directors will happen. Ahead of the meeting, Disney has sent a letter to shareholders urging them to vote against two outside candidates.
Walt Disney Company Headquarters ©LA Times
Disney has previously specified that “the Board does NOT endorse the nominations of Nelson Peltz and James Rasulo put forth by Trian Fund Management, L.P. and its affiliates, led by Nelson Peltz and supported by former Disney executive Isaac Perlmutter (collectively, the “Trian Group”).” The notice went on to say, “The Board recommends that shareholders do not vote for the Trian Group nominees, and that they reject a related proposal from the Trian Group to amend the Company Bylaws.”
Disney’s Board also “does not endorse the nominations of Craig Hatkoff, Jessica Schell and Leah Solivan put forth for election as directors by Blackwells Onshore I LLC, Blackwells Capital LLC and Jason Aintabi (collectively, the “Blackwells Group”).”
©Trian Partners
In the new letter, Disney said, “The Disney Board of Directors does not endorse the Trian Group nominees, Nelson Peltz and Jay Rasulo, or the Blackwells nominees, Craig Hatkoff, Jessica Schell and Leah Solivan, and believes that they do not possess the appropriate range of talent, skill, perspective and/or expertise to effectively support the Board’s ongoing efforts to drive profitable growth and shareholder value creation in the face of continuing, industry-wide challenges.”
Disney believes Peltz “brings no media experience and has presented no strategic ideas for Disney,” while Rasulo “is stale given he left Disney in 2015 and has not held any executive positions in the industry since.”
©New York Times Nelson Peltz of Trian Partners
According to Disney, all 12 of its nominees are “best qualified to create sustainable shareholder value. The Disney Board of Directors is comprised of engaged, diverse and dynamic leaders whose skills, perspective and insights are essential in driving profitable growth and delivering on Disney’s strategic priorities as the Company navigates ongoing, industry-wide challenges.”
Cinderella Castle
Here is the list of 12 nominees that the Disney Board of Directors recommends for election at the 2024 Annual Meeting of Shareholders:
- Mary T. Barra — Chair and Chief Executive Officer of General Motors Co.
- Safra A. Catz — Chief Executive Officer of Oracle Corp. and its former President
- Amy L. Chang — former senior executive at Cisco Systems, Inc. and Google and a current director of Procter & Gamble Co.
- D. Jeremy Darroch — former Executive Chairman and Group Chief Executive Officer of Sky
- Carolyn N. Everson — former senior executive at Instacart, Meta Platforms, Inc. and Microsoft Corp. and a current director of The Coca-Cola Co. and Under Armour Inc.
- Michael B.G. Froman — President of the Council on Foreign Relations and former Vice Chairman and President, Strategic Growth at Mastercard Inc.
- James P. Gorman — Executive Chairman and former Chairman and Chief Executive Officer of Morgan Stanley
- Robert A. Iger — Disney’s Chief Executive Officer, formerly also served as Chairman
- Maria Elena Lagomasino — Chief Executive Officer and Managing Partner of WE Family Offices and a former senior executive at JP Morgan Private Bank and Chase Manhattan Bank and a current director of The Coca-Cola Co.
- Calvin R. McDonald — Chief Executive Officer of lululemon athletica inc.
- Mark G. Parker — serves as Chairman of the Disney Board, is Executive Chairman of NIKE, Inc. and its former Chairman, President and Chief Executive Officer
- Derica W. Rice. — former senior executive at CVS Health Corp. and Eli Lilly and Co. and a current director of The Carlyle Group Inc., Bristol-Myers Squibb Co., and Target Corp.
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Stay tuned to DFB as we bring you more updates about the Walt Disney Company and the annual shareholders meeting.
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The Disney board is not getting my votes.
Sounds like they want to keep the status quo and not allow new blood, and possibly new ideas, into the mix. Nit surprised!
The best thing the shareholders can do to help Disney and help their own financial interests is bring new people and new ideas on to the Disney Board, and help counterbalance the total control that Bob Iger currently has for the direction of Disney. Iger is largely unchallenged by the Board today and the failures of the most recent creative releases reflect that. Iger should be removed sooner than later, and this would be step one toward that objective.