Today, Trian Fund Management nominated co-founder Nelson Peltz and former Disney Chief Financial Officer Jay Rasulo to serve on Disney’s board. This is the next step in Trian’s proxy fight with Disney. The addition of former Disney CFO Jay Rasulo is a shocker to many.
“The Disney I know and love has lost its way,” said Jay Rasulo in a press release. “As independent voices in the boardroom, Nelson and I are confident that the combination of my decades of experience at Disney, Nelson’s significant boardroom skills and history of driving positive strategic change, and our combined consumer brands expertise and financial acumen, will be additive to the Disney Board. With a shareholder mandate, Nelson and I look forward to helping the Board and management reorient the Company towards delighting its consumers again and driving significant value for its owners.”
Rasulo served as Disney’s CFO from 2010 to 2015. Rasulo was Chairman of Walt Disney Parks and Resorts Worldwide from 2005 to 2009 and was President of Walt Disney Parks and Resorts from 2002 to 2005.
Just last month, Disney named ex-Morgan Stanley CEO James Gorman and former Sky CEO Sir Jeremy Darroch to its board. Trian acknowledged that Gorman and Darroch were a step up but they still believe Disney’s Board needs a deeper overhaul.
“To resolve the malaise and crisis of confidence among Disney shareholders, the Board needs fresh perspectives from truly independent directors selected by the shareholders themselves,” Peltz said in a press release. “Jay and I have the strategic, operating, financial, and governance expertise to help Disney and are committed to working with the other members of the Board and management team to address the fundamental issues underlying the Company’s continued poor performance. There is much that can be done to revive Disney and restore the confidence of Disney shareholders, and Trian looks forward to discussing these opportunities with our fellow shareholders over the coming months.”
The Walt Disney Company said it would review Trian’s proposal. Disney’s statement pointed out that Trian has ownership of Ike Perlmutter’s shares and that Perlmutter has an agenda against Iger. Disney also noted that the Board is “experienced, diverse, and highly qualified and the Board is focused on the long-term performance of the Company, strategic growth initiatives including the ongoing transformation of its businesses, the succession planning process, and increasing shareholder value.”
Disney’s stock closed at $93.94 today.
Disney’s 2024 Annual Shareholders Meeting will take place in the spring.
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Zach Perilstein is the Editor-in-Chief of the Boardwalk Times
