‘Vote Disney’ Website Launched to Fend Off Trian & Blackwells Proxy Battles

Published: February 6, 2024

With the April 3rd Annual Shareholder meeting looming, Disney has launched the Vote Disney website to fend off proxy battles from Trian and Blackwells as they each seek seats on Disney’s Board of Directors. Disney reiterates that “your vote is extremely important no matter how many or how few shares you own”.

The website, which contains information on how to vote the way that Disney wants its shareholders to vote, contains an informational video featuring Ludwig Von Drake, as only Disney can do. Disney also advises shareholders to use the white voting card, and to reject candidates from Trian and Blackwells.

The Annual Meeting of Shareholders will be the culmination of a multi-year effort from Nelson Peltz to secure a Board of Directors seat. In fact, Trian Group has nominated both Peltz and former Disney executive James “Jay” Rasulo.

In a letter to shareholders, Disney CEO Bob Iger highlighted the work he did to restructure the company and create $7.5 billion in cost reductions. Iger noted that he has put the “period of fixing” behind him and will now focus on “building [the] business again”. Iger reiterates the four key building opportunities – streaming profitability, ESPN, film studios, and turbocharging growth in the theme parks business.

Iger then talks about the executive team, including the new CFO Hugh Johnston, who came to Disney after 34 years with PepsiCo. Iger says that he is “immensely proud of the irrefutable progress we’ve made transforming Disney for the future” and that he is “committed to finishing the job so [Disney] is strongly positioned when my successor takes the helm”.

Your management team is focused on driving profitable growth and shareholder value creation as we move from a period of fixing to a new era of building, and the results detailed in this letter are testament to the work we have done across the Company this past year. I am bullish about the opportunities we have to create lasting growth and shareholder value, and to strengthen Disney’s position as the world’s leading entertainment company.
Bob Iger, Disney CEO

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