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Activist investor Nelson Peltz<\/a> is fighting for a seat on the board of Walt Disney<\/a> Co., claiming that the company is struggling with self-inflicted problems.
Peltz's attempt to join Disney's board comes just months after the company brought back longtime CEO Bob Iger<\/a> to lead Disney again. Disney urged shareholders to vote against Peltz and named current board member Mark Parker as its chairman. Parker, who also serves as executive chairman at Nike Inc., succeeds Susan Arnold, who won't stand for re-election due to Disney's 15-year term limit requirements.
With the departure of Arnold, Disney's board will shrink to 11 directors.
Peltz said that he should be elected to Disney's board because of his prior experience turning around companies to improve performance and increase long-term shareholder value. Peltz has previously waged successful proxy battles at blue chip companies including DuPont and Procter & Gamble. Peltz's Trian Group<\/a> said in a regulatory filing that he's seeking a one-year term.
Trian argues that Disney's recent operating performance is disappointing, and said that the stock is almost at an eight-year low despite the return of Bob Iger<\/a> to the CEO post two months ago.
\"The Trian Group believes that Disney's recent performance reflects the hard truth that it is a company in crisis with many challenges weighing on investor sentiment,\" the filing said.
Shares of Disney, based in Burbank, California, rose nearly 2% before the market open on Thursday.
While Trian acknowledges that Disney - which owns Marvel, Pixar and ESPN - is like many other media companies in the challenges it faces shifting from legacy content distribution channels to streaming, the group argues that it should still be performing better given its intellectual property, diversified business mix, and theme parks business.
The group says recent issues facing Disney are self-inflected problems, calling out what it considers failed succession planning efforts, a flawed direct-to-consumer strategy and \"over-the-top\" compensation practices, among other concerns.
Trian argues that if the 80-year-old Peltz is elected to Disney's board, he'll look to increase transparency and accountability. The group said Peltz would focus on developing an effective succession plan, aligning compensation with performance and improving direct-to-consumer margins.
Trian is not looking to break up the company or replace Iger, who turns 72 next month.
Disney is recommending that its shareholders not vote for Peltz and addressed some of Peltz's concerns.
\"Iger has already taken decisive steps to realign content creation and distribution, and reposition Disney's streaming platforms and linear broadcast and cable networks for enhanced profitability for the company,\" Disney said in a statement.
Disney also announced Wednesday that Parker, who served as Nike's chairman and CEO until 2020, will head its newly created succession planning committee. The committee will advise Disney's board on CEO succession planning, including the review of internal and external candidates.
Iger had handpicked former CEO Bob Chapek as his successor, whose two-year tenure was marked by clashes, missteps and a weakening financial performance. Iger's return to Disney and ousting of Chapek came just a couple of weeks after Disney's quarterly financial performance<\/a> fell well short of Wall Street expectations on both profit and revenue, a rarity.
While Disney's theme parks business has been performing well, many visitors over the past two years have been highly critical of increased prices and other moves that the company made, including the end of the Magical Express bus service from the airport in Orlando, Florida to Walt Disney World<\/a> resorts, the implementation of the Genie planning and ride reservation system and its theme park reservation system.
To that end, the company announced on Tuesday several changes<\/a> at its domestic theme parks, including some easier reservations, in order to improve the public perception of its business.
Disney has yet to set a date for its annual shareholders meeting.
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迪士尼面临代理权之争Peltz将加入董事会
Peltz试图加入迪斯尼董事会仅几个月后,公司将再次长期担任首席执行官鲍勃·伊格尔领导迪斯尼。迪斯尼敦促股东投票反对Peltz,名叫现任董事会成员Mark Parker为主席。帕克,同时兼任执行主席在耐克公司成功苏珊·阿诺德,不会由于迪斯尼的改选的15年任期限制的要求。
维权投资者Nelson Peltz争取一个董事会席位的沃尔特迪斯尼有限公司,声称公司在自己造成的问题。
Peltz试图加入迪斯尼董事会仅几个月后,公司带回了长期的CEO鲍勃·伊格尔再次带领迪士尼。迪斯尼敦促股东投票反对Peltz,名叫现任董事会成员Mark Parker为主席。帕克,同时兼任执行主席在耐克公司成功苏珊·阿诺德,不会由于迪斯尼的改选的15年任期限制的要求。
阿诺德的离开,迪斯尼董事会将缩小到11。
Peltz说他应该当选为迪斯尼董事会因为他的经验扭转公司改善性能和提高长期股东价值。Peltz曾成功代理战争发动的蓝筹股公司包括杜邦公司和宝洁(Procter & Gamble)。佩尔茨的特里安集团在一份监管申报文件中表示,他寻求一项。
特里认为,迪斯尼最近的经营业绩是令人失望的,并说股市几乎是在一个八年尽管较低鲍勃·伊格尔的回归两个月前首席执行官职位。
“特里安集团相信迪斯尼最近的表现反映了残酷的事实,这是一个公司与许多挑战打压投资者信心危机,“文件说。
加州伯班克的迪士尼股价周四开盘前增长了近2%。
虽然特里承认迪士尼拥有奇迹,皮克斯和ESPN——就像许多其他媒体公司在其面临的挑战从遗产内容分销渠道流,该组织认为,最好仍应执行给定其知识产权,多元化的业务组合,主题公园业务。
该组织称最近迪士尼self-inflected问题面临的问题,呼唤它所认为失败的继任计划的努力,一个有缺陷的直接面向消费者的策略和“顶级”补偿实践,以及其他问题。
特里认为,如果80岁Peltz迪斯尼董事会选举,他将增加透明度和问责制。该组织称Peltz将专注于开发一个有效的继任计划,调整薪酬与业绩和改善直接面向消费者的利润率。
特里安不是想分手公司或替换艾格,下个月将满72岁。
迪斯尼不建议股东投票Peltz Peltz,解决一些的问题。
“伊格尔已经采取了果断措施调整内容创造和分发,并重新定位迪斯尼的流媒体平台和线性广播和有线电视网络,为增强公司的盈利能力,”迪斯尼在一份声明中说。
迪士尼周三还宣布,帕克,担任耐克的董事长兼首席执行官,直到2020年将新创建的继任计划委员会负责人。委员会将建议迪斯尼董事会CEO继任计划,包括内部和外部候选人的审查。
伊格尔精心挑选的前首席执行官鲍勃•伯克作为自己的接班人,其两年的任期内的特点是冲突,失误和财务表现疲软。伊格尔回到迪斯尼和驱逐的伯克迪斯尼的几周后季度财务业绩远远低于华尔街预期利润和收入,非常罕见。
而迪斯尼主题公园业务一直表现良好,许多游客在过去的两年里一直严厉批判价格上涨和其他移动公司,包括结束的神奇的表达从机场巴士服务在奥兰多,佛罗里达迪斯尼乐园度假村,精灵的实施计划和预订系统,其主题公园预订系统。
为此,该公司周二宣布一些变化在国内主题公园,包括一些容易保留,为了提高公众感知的业务。
迪斯尼还其年度股东大会的日期。
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