A Fiscally Reinvigorated Disney Protects its Board of Directors
Turns out the Mouse knows something about repelling pirates.
Activist investor Nelson Peltz has backed away from his attempt to force a proxy vote and get himself placed on the Disney Board of Directors after Bob Iger’s Q1 earnings call yesterday.
For more on the Peltz situation:
Iger came down hard on cost-cutting (including 7000 jobs), leveraging successful intellectual property, and promising the return of dividend payments. A strategy to move the Disney+ streaming service to profitability also ticked off a major box in Peltz’s complaints about the company.
Finally, the upswing in stock price and earnings in the quarter also helped to armor the Mouse from the attack.
“Now Disney plans to do everything we wanted them to do,” Peltz said on CNBC’s Squawk on the Street on Thursday. “We wish the very best to Bob [Iger], this management team, and the board. We will be watching. We will be rooting.” “The proxy fight is over.”
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Kelly McCubbin is a columnist for Boardwalk Times
