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Nelson Peltz Officially Launches Disney Proxy Fight, Aiming to Push Company to Hit ‘Netflix-Like’ Streaming Margins. But Can He Get the Votes to Win?
Can Nelson Peltz and Trian Partners get the backing of enough Disney shareholders to succeed in shaking up the board and challenging CEO Bob Iger?
Instead, Disney urged shareholders to vote for its own 12-memeber slate of board candidates, including recent additions Morgan Stanley CEO James Gorman and former Sky chief Jeremy Darroch. Trian, in waging its proxy fight, argues that Disney has underperformed the larger market and its media and tech industry peers as the result “of a board that has failed to adequately perform its primary responsibilities as stewards of shareholder capital.” Corporate Governance: Adopt best-in-class governance; finally complete a successful CEO succession; and align management pay with performance Streaming Profitability: Target and achieve Netflix-like EBITDA margins of 15-20% by FY 2027 Future of ESPN: Commit to a reasonable, defined payback period and return profile on ESPN flagship direct-to-consumer and communicate it in detail prior to launch Studio Creativity: Board-led review of creative processes and structure to restore leadership accountability and reclaim No.
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