Proxy Battle
After a very long battle of Trian Fund Management trying to gain seats on The Walt Disney Company Board of Directors, Disney has won the proxy battle over Trian in the Board of Directors fight. For months now, Nelson Peltz, CEO of Trian Fund Management, has been trying to gain a seat on The Walt Disney Company Board of Directors for himself and for Jay Rasulo, former Disney CFO. But today, that battle is finally over and Disney has won the Board of Directors fight.
Nelson Peltz initially nominated himself as a board member about a year ago but Disney turned down his request for a seat on the Board. Peltz backed off after Bob Iger, CEO of The Walt Disney Company, announced plans to restructure the company and to downsize staffing across the company. However, after the restructuring and downsizing had been completed, The Walt Disney Company stock price still remained extremely under valued at a price of less than $100 per share. So, Peltz tried again to gain a seat on the Board for himself and Rasulo. That lead to the victory for Disney announced at today’s 2024 Annual Meeting of Shareholders. Disney shareholders have confirmed their faith in Bob Iger and the current Board of Directors to lead the company into the future.
The Walt Disney Company Board of Directors
The current and officially re-elected Board of Directors for The Walt Disney Company are as follows:
- Mark G. Parker – Chairman of the Board
- Robert A. Iger – Chief Executive Officer and Board Member since 2022 (previous CEO and Board member before his temporary departure from the company)
- Mary T. Barra – Compensation Committee Member and Board Member since 2017
- Safra A. Catz – Audit Committee Member and Board Member since 2018
- Amy L. Chang – Governance and Nominating Committee Member and Board Member since 2021
- Jeremy Darroch – Audit Committee Member and Board Member since 2024
- Francis A Desouza – Audit Committee Member and Board Member since 2018
- Carolyn N. Everson – Compensation Committee Member and Board Member since 2022
- Michael B.G. Froman – Governance and Nominating Committee Member and Board Member since 2018
- James P. Gorman – Board Member since 2024
- Maria Elena Lagomasino – Compensation Committee Member and Board Member since 2015
- Calvin R. McDonald – Compensation Committee Member and Board Member since 2021
- Derica W. Rice – Audit Committee Member and Board Member since 2019
The current Disney stock price at the time of publication is $121.24.
Parks and Experiences Investment
Recently, Disney announced plans to spend $60 billion over the next 10 years investing in the Parks and Experiences segment of the company. Parks and Experiences has been the most profitable segment of the company for several years and Disney says the money will “support investments to create magical new experiences and refresh existing infrastructure”.
Also, on April 16, 2024, the DisneylandForward project will go before the Anaheim City Council for a final vote of approval to proceed with the project. If approved, Disney plans to invest a minimum of $1.9 billion in expanding the Disneyland Resort and refreshing the existing infrastructure over the next 10 years.
That a Wrap!
As a life-long Disney fan and collector, I have been anxiously awaiting this Shareholders meeting and the proxy vote results. I have faith in Bob Iger to successfully lead the company until his replacement takes over in 2026. I also have faith that he and the Board will find a suitable replacement over the next two years. Yes, he made a mistake in the past by nominating Bob Chapek to succeed as the new CEO of The Walt Disney Company, but honestly, everyone makes mistakes and he has already “redone the wrong” by coming back to the company after his retirement to make things right.
Keep checking back for any other major updates that are announced during todays Meeting of Shareholders.
As always, I’ll “see ya real soon” Mouseketeers!
