Two men are at the center of a proxy battle for Disney board seats. Nelson Peltz and Jay Rasulo are campaigning to get themselves elected to the Disney board despite the company’s strong opposition.
In fact, Disney attempted to discredit the “activist investors” in a “Fact vs Fiction” campaign, and the company created an animated cartoon starring Professor Ludwig von Drake to educate shareholders. Nine grandchildren of Walt and Roy Disney spoke out on the situation, too, and many anticipate the battle will continue until Disney’s annual shareholder meeting on April 3rd, 2024. Now, Nelson Peltz and Jay Rasulo have new comments to share about their plans if elected.
At this point, it’s no secret that Nelson Peltz is a long-time Iger critic. Peltz has stated his intentions and laid out his plans, noting that he “intends to take our case for change directly to shareholders.”
Peltz and Trian Partners recently published a 133-page memo outlining the changes they want to see. The memo goes on to accuse Disney’s current board of being “the root cause of Disney’s underperformance.” Peltz and Rasulo have not shied away from criticizing Disney, but their plans have left many shareholders wondering what may happen to Disney’s CEO, Bob Iger if the two are elected.
According to Deadline, Nelson Peltz and Jay Rasulo confirmed in a live webcast that they have no plans “to fire the CEO.” The webcast served as a platform for the two men to comment on various criticisms of The Walt Disney Company.
Rasulo also responded to Disney’s claim that “his perspective on the media industry is stale.” Rasulo said, “I worked 15 years alongside Bob. I don’t think we ever had a cross word. I can work with Bob.”
Disney has gone out of its way to reject the activist nominees campaigning for board seats, stating,
“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 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.”
The annual shareholder meeting will take place on April 3rd, 2024. In the meantime, we’re always on the lookout for the latest Disney news, so stay tuned for more.
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