Disney Says Rival Board Candidates Lack Necessary ‘Talent, Skill and Expertise,’ Sets Date for 2024 Shareholder Meeting

Rexa Vella

Disney Says Rival Board Candidates Lack Necessary ‘Talent, Skill and Expertise,’ Sets Date for 2024 Shareholder Meeting

Disney announced the date of its annual shareholders meeting this year — and issued a letter to investors urging them to reject board nominees put forth by activist investors.

The Mouse House’s 2024 annual meeting of shareholders will be held on April 3, 2024, and all shareholders of record as of the close of business on Feb. 5 are entitled to vote at the meeting.

In the message to shareholders, the company said, “The Disney Board of Directors does not endorse the Trian Group nominees, Nelson Peltz and Jay Rasulo, or the Blackwells nominees, Craig Hatkoff, Jessica Schell and Leah Solivan, and believes that they do not possess the appropriate range of talent, skill, perspective and/or expertise to effectively support the Board’s ongoing efforts to drive profitable growth and shareholder value creation in the face of continuing, industry-wide challenges.”

Disney’s board of directors “urges shareholders to protect their investment and the future of the company” by voting for only the Disney-picked 12 nominees, the company said.

The company continued, “Disney has the right strategy to drive profitable growth and value creation for shareholders and has made substantial progress against our objectives to make our business more efficient and effective, including a sharpened focus on our greatest brand and franchise assets, a continued commitment to cutting costs and a reinstatement of the dividend. The Company, its management and the Board remain focused on this building plan, which will position our streaming businesses for sustained growth and profitability, reinvigorate the Company’s film studios, fortify ESPN for the future and turbocharge growth in Disney’s Experiences business.”

More to come.

SOURCE

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