Peltz Group Issues White Paper Outlining Failed Board Oversight of Disney

Disney: Restore the Magic Through Focused Board Accountability

The Trian Group, which owns $3.5 billion worth of Walt Disney Company shares, issued a white paper on March 4, 2024, outlining years of failed oversight concerning governance, executive compensation, succession, and strategy by the Disney Board of Directors. The group alleges that the Board's lack of focus and accountability has led to Disney's chronic underperformance and deteriorating financial health and has issued initiatives to improve the company's governance and performance.

The white paper also outlines the qualifications and insights of Trian's nominees for the Board, Nelson Peltz and Jay Rasulo, and expresses the group's belief that Peltz and Rasulo's addition to the Disney boardroom could help restore the company's success and generate returns that shareholders expect and deserve.

The Trian Group has issued a comprehensive assessment of Disney, linking years of failed oversight concerning governance, executive compensation, succession, and strategy by the Disney Board of Directors to the company's chronic underperformance. The group believes that the Board lacks focus and accountability and has consistently failed to fulfill its core responsibilities.

The white paper also provides information about Trian's two nominees for the Board and their relevant experience, Nelson Peltz and Jay Rasulo. Rasulo previously served as Disney's Chief Financial Officer and led the company's successful acquisition of 21st Century Fox. Peltz is the founder and chief executive of Trian Fund Management, a multi-billion-dollar investment management firm.

The group believes that Peltz and Rasulo have the necessary dedication, shareholder mindset, and track record to help unlock Disney's immense creative and financial potential. The white paper also outlines initiatives to improve Disney's corporate governance and accountability, accelerate media profitability, review the creative engine, and clarify the company's strategic focus.

The Trian Group has provided a comprehensive assessment of Disney, outlining failed Board oversight concerning governance, executive compensation, succession, and strategy. The group believes the root cause of Disney's chronic underperformance is a Board that lacks focus and accountability and has consistently failed to fulfill its essential duties. The white paper also provides information about Trian's two nominees for the Board and their relevant experience.

The group believes that Nelson Peltz and Jay Rasulo have the necessary dedication, shareholder mindset, and track record to help unlock Disney's immense creative and financial potential and restore the company to its former success. The white paper outlines initiatives to improve Disney's corporate governance and accountability, accelerate media profitability, review the creative engine, and clarify the company's strategic focus.

The group strongly encourages Disney shareholders to read the Definitive Proxy Statement and other proxy materials because they contain important information. Such proxy materials are available at no charge on the SEC's website at http://www.sec.gov and Trian's website, http://www.restorethemagic.com.

The Definitive Proxy Statement and accompanying proxy card will be furnished to some or all of the Company's shareholders. Shareholders may also direct a request to either of Trian's proxy solicitors, Okapi Partners LLC, 1212 Avenue of the Americas, New York, NY 10036 (shareholders can email info@okapipartners.com or call toll-free: (877) 629-6357), or D.F. King & Co., Inc., 48 Wall Street, New York, NY 10005 (shareholders can email disney@dfking.com or call toll-free: (800) 207-3158).

Disclaimer: The views expressed in this press release are based on publicly available information with respect to The Walt Disney Company. This press release is not affiliated with or endorsed by Disney. This press release is provided merely as information and is not intended to be, nor should it be construed as, an offer to sell or a solicitation of an offer to buy any security nor as a recommendation to purchase or sell any security. Funds, investment vehicles, and accounts managed by Trian currently beneficially own shares of the Company. These funds, investment vehicles, and accounts are in the business of trading — buying and selling — securities and intend to continue trading in the securities of the Company. You should assume such funds may from time to time sell all or a portion of their holdings of the Company in open market transactions or otherwise, buy additional shares (in open market or privately negotiated transactions or otherwise), or trade in options, puts, calls, swaps, or other derivative instruments relating to such shares. One cannot invest directly in an index.

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