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Trian claims Disney's board has failed to generate sufficient returns in recent years as subscription streaming losses have mounted and traditional TV subscribers have declined. Early vote countBoth Disney and Trian received support from influential shareholders ahead of Wednesday's meeting. Roughly one-third of Disney's shareholders are retail shareholders, who historically vote in small numbers in annual meetings. The arrangement still raised questions about ValueAct's support for the company and whether Disney's board should have disclosed the prior relationship. WATCH: Disney board battle reaches final moments
Persons: Bob Iger, Mickey Mouse, Valerie Macon, Nelson Peltz, Jay Rasulo, They've, Maria Elena Lagomasino, Michael Froman, Peltz, Ike Perlmutter, Trian, Disney's, Iger, Bob Chapek, Patrick T, Adam Jeffery, Morgan Stanley, James Gorman, CNBC's, George Lucas, Laurene Powell Jobs, Lucas, Powell Jobs, Ken Squire, Rowe Price, Rowe, Mason Morfit's, ValueAct, Neuberger Berman, John Ferguson, Rasulo —, Glass Lewis, Iger's, Gorman, Jeremy Darroch, CNBC's Andrew Ross Sorkin, Heidi Gutman, Lagomasino, shouldn't, Blackwells, Rasulo, Jason Aintabi, John Foley, Jessica Schnell, Craig Hatkoff, Leah Solivan, ValueAct hasn't Organizations: AFP, Getty Images Disney, Voters, Trian Partners, Disney, PepsiCo, Marvel, SEC, Fallon, Bloomberg, Getty, CNBC Disney, CNBC, Star Wars, LucasArts, Pixar, BlackRock, Institutional, California Public Employees, Yacktman Asset Management, Saratoga Proxy, ISS, Sky, Trian Fund Management, NBCU, Bank, NBCUniversal, Green, Comcast Locations: Los Angeles, New York
Photo: PHIL MCCARTEN/REUTERSWalt Disney recommended shareholders vote for its 12 nominees to the company’s board of directors and said Chief Executive Robert Iger ’s total compensation doubled in fiscal 2023. The company nominated Chairman Mark Parker to the board, as well as Mary Barra , Safra Catz , Amy Chang , Jeremy Darroch , Carolyn Everson, Michael Froman , James Gorman, Robert Iger, Maria Elena Lagomasino , Calvin McDonald , and Derica Rice.
Persons: PHIL MCCARTEN, REUTERS Walt, Robert Iger ’, Mark Parker, Mary Barra, Safra Catz, Amy Chang, Jeremy Darroch, Carolyn Everson, Michael Froman, James Gorman, Robert Iger, Maria Elena Lagomasino, Calvin McDonald, Derica Rice Organizations: REUTERS, REUTERS Walt Disney
Morgan Stanley CEO James Gorman said Thursday that he's gearing up to join a succession planning committee at Disney , which will advise the board on choosing CEO Bob Iger's successor. Trian said it would push for Peltz and former Disney executive Jay Rasulo to join the board. "Disney is forming a succession committee, which I'll be joining," Gorman told CNBC's David Faber. Disney said Gorman was referring to the succession committee the company announced in January. Before he ended his previous reign as CEO, Iger renewed his contract multiple times.
Persons: Morgan Stanley, James Gorman, Bob Iger's, Gorman, Jan, Jeremy Darroch, Nelson Peltz, Trian, Jay Rasulo, CNBC's David Faber, Morgan Stanley's, he's, Disney, Iger, Bob Chapek Organizations: Disney, Sky, CNBC
Trian Fund Management on Thursday announced it was nominating its CEO, Nelson Peltz, and former Walt Disney CFO Jay Rasulo to the media giant's board, as the firm wages a contentious proxy fight with Disney. The firm announced it was seeking two board seats for Peltz and another media executive, following what it called "significant value destruction and missteps" that the board oversaw. Trian's proxy fight comes as Disney CEO Bob Iger tries to right the ship after a broad restructuring that resulted in thousands of layoffs. Disney has said the proxy fight is apparently in part due to a personal grudge held by Peltz's ally and former Marvel boss Ike Perlmutter. Trian has oversight of shares owned by Perlmutter, who has been an outspoken critic of Disney CEO Bob Iger.
Persons: Nelson Peltz, Walt Disney, Jay Rasulo, Trian, Rasulo, Disney, Bob Iger, Peltz's, Ike Perlmutter, Perlmutter, Morgan Stanley, James Gorman, Jeremy Darroch Organizations: Trian Fund Management, Future Investment Initiative, Summit, Trian, Management, Walt, Disney, Company, Peltz, Marvel, Sky Locations: Miami , Florida
This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Clearer brand messagingNew Gap CEO Richard Dickson said the apparel firm's products had got "lost in the message" in its discount-heavy online communication. [PRO] Top holiday pickThe Dow is nearing a major milestone — and certain members may lead the blue-chip average over the finish line. CNBC Pro screened for the Dow members with the largest upsides to average price targets among Wall Street analysts.
Persons: Korea's Kospi, Hong, Nelson Peltz, Ike Perlmutter, Morgan Stanley, James Gorman, Jeremy Darroch, Francis deSouza, Josh Kushner's, Richard Dickson, Dickson, Dow Organizations: CNBC, Nikkei, underperform, Dow Jones Industrial, Disney, Marvel, Sky, Peltz, CNBC Pro, Dow, Wall Street Locations: Asia, Pacific, underperform Asia
This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The personal consumption expenditures price index, excluding food and energy prices, rose 0.2% for the month and 3.5% on a year-over-year basis, the Commerce Department reported. Headline inflation was flat on the month and at a 3% rate for the 12-month period, the release also showed. Energy prices fell 2.6% on the month, helping keep overall inflation in check, though food prices rose 0.2%.
Persons: Dow, Dow Jones, Nelson Peltz, Ike Perlmutter, Morgan Stanley, James Gorman, Jeremy Darroch, Francis deSouza Organizations: CNBC, Dow Jones Industrial, Nasdaq, Big Tech, Federal Reserve, Commerce Department, Energy, of, Petroleum, OPEC, Disney, Marvel, Sky, Peltz, United Arab Locations: OPEC, Saudi Arabia, Brazil, COP28, United Arab Emirates, COP27, Egypt
Analysis: The 2023 stock rally is back on track
  + stars: | 2023-12-01 | by ( Krystal Hur | ) edition.cnn.com   time to read: +6 min
New York CNN —The US stock market has rebounded from its months-long rut. Stocks finished out their best month of the year on Thursday, breaking a three-month streak of declines for all the major indexes. “The only way I see a rally continuing is if the bond market behaves itself,” said Richard Steinberg, chief market strategist at The Colony Group. While those stocks have remained at the top of Wall Street’s scoreboard, the recent rally has encompassed a wider range of stocks. Long-neglected pockets of the stock market, from beaten-down financials to small-caps to cyclical stocks, have climbed higher in recent weeks.
Persons: Stocks, , Richard Steinberg, , Santa Claus, Ned Davis, Anna Cooban, Elisabeth Buchwald, Nelson Peltz, Nelson Peltz’s, Bob Iger, ” Trian, Trian, Trian’s, Morgan Stanley, James Gorman, Sky Jeremy Darroch, ” Read Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Nasdaq, Dow Jones, Treasury, The Colony, Wall Street, Ned Davis Research, Organization of, Petroleum, Saudi Press Agency, Ministry of Energy, Saudi, United Emirates, Reuters, Disney, Management, Peltz, Sky Locations: New York, Santa, OPEC, Saudi Arabia, Vienna, Russia, Iraq, United, Kuwait, Kazakhstan, Algeria, Oman, Brazil, Brazil’s
Activist investor Nelson Peltz and his firm are seeking more than two seats on Disney's board, according to a person familiar with the matter, setting the stage for a proxy fight. "Mr. Peltz, in partnership with Isaac Perlmutter, a former Disney executive, intends to take its case to shareholders. Mr. Perlmutter owns 78% of the shares that Mr. Peltz claims beneficial ownership of, or more than 25 million of the 33 million shares," Disney said in a statement. Disney shares are up about 6% this year, far underperforming the S&P 500. Peltz had earlier pushed for a seat on Disney's board after Trian took an approximately $800 million stake in Disney.
Persons: Nelson Peltz, Peltz, Disney, Trian, Morgan Stanley, James Gorman, Jeremy Darroch, Francis deSouza, Sir Jeremy Darroch, Ike Perlmutter, Bob Iger, Perlmutter, Isaac Perlmutter, Robert A, Iger, – CNBC's Alex Sherman Organizations: Trian Fund Management, Future Investment Initiative, Summit, Disney, Sky, Peltz, Disney's, CNBC Locations: Miami , Florida
Activist investor Nelson Peltz's renewed fight for Disney (DIS) board seats is a positive for shareholders because he will push for a level of financial discipline that the company has lacked. Peltz's Trian Partners, a major Disney shareholder, said Thursday it will launch a new challenge to get board representation. As part of its release, Trian said the investment firm's Disney stake is currently worth roughly $3 billion. DIS YTD mountain Disney YTD Peltz will "keep the heat on Disney and this is a positive for us as shareholders," Jim said Thursday while urging new Club members to "buy Disney right here, right now." As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Persons: Nelson Peltz's, Peltz's Trian, Trian, Jim Cramer, Trian's, Ike Perlmutter, Perlmutter, Morgan Stanley, James Gorman, Sir Jeremy Darroch, Gorman, he's, Jim, Peltz, Jim —, Iger, we're, We're, Jim Cramer's, Nelson Peltz, Marco Bello Organizations: Disney, Peltz's Trian Partners, Marvel, Sky, CNBC, Trian Fund Management, Future Investment Initiative, Summit, Bloomberg, Getty Locations: Miami , Florida
Nelson Peltz renews proxy fight against Disney
  + stars: | 2023-11-30 | by ( Krystal Hur | ) edition.cnn.com   time to read: +3 min
New York CNN —Activist shareholder Nelson Peltz’s Trian Fund Management has launched a new proxy fight against Disney, just months after backing off from its earlier push after returned chief executive Bob Iger announced a vast cost-cutting plan for the media conglomerate. Trian declined to comment on how many seats it is seeking on Disney’s board, but said in the release that Disney has turned down its request for representation, including for Peltz. Trian’s reignition of its proxy fight comes a day after Disney revealed a shuffle to its board, with Morgan Stanley CEO James Gorman and former CEO of Sky Jeremy Darroch to join as new directors. Peltz in January launched a bid for a seat on Disney’s board after the company fired Bob Chapek in November 2022. We will be watching,” Peltz said on CNBC shortly after the conclusion of Iger’s TV interview in February, where the chief executive laid out his cost-cutting plan, addressed right-wing criticism of Disney and his decision to return to the company.
Persons: Nelson Peltz’s, Bob Iger, ” Trian, Trian, Trian’s, Morgan Stanley, James Gorman, Sky Jeremy Darroch, ” “, ” Disney, Peltz, Bob Chapek, Chapek, Iger’s, Iger, , ” Peltz, Disney, ” Iger, I’ve, ” — CNN’s Oliver Darcy Organizations: New, New York CNN, Management, Disney, Peltz, Sky, Walt Disney Company, Disney Parks, CNBC Locations: New York, Florida
New York Times columnist Andrew Ross Sorkin, left, and Bob Iger, CEO of The Walt Disney Company, speak during the Times' annual DealBook Summit in New York City, Nov. 29, 2023. Disney Chief Executive Officer Bob Iger said Wednesday he will no longer tolerate his company's partners and creative team prioritizing messaging over storytelling. Iger had been in charge of "creative endeavors" in 2020 and 2021, even while Bob Chapek ran the company as CEO. Disney named two new board members on Wednesday — former Morgan Stanley CEO James Gorman and former Sky CEO Jeremy Darroch — as it gears up for a potential proxy fight. Current Disney board member Francis A. deSouza won't run for reelection at the annual meeting.
Persons: Andrew Ross Sorkin, Bob Iger, Iger, It's, Disney's, Bob Chapek, Ron DeSantis, Sen, Ted Cruz, it's, I've, Nelson Peltz's, Morgan Stanley, James Gorman, Jeremy Darroch —, Francis A, deSouza Organizations: New York Times, Walt Disney Company, Times, Disney, Florida Gov, Management, Wednesday, Sky Locations: New York City, New York, Ted Cruz of Texas
Nov 30 (Reuters) - Activist investor Nelson Peltz is pushing ahead with plans to seek at least three board seats at Disney (DIS.N) as the firm is not satisfied with Disney CEO Bob Iger's changes, several people familiar with the matter said. During a conversation on Thursday morning with Iger, Disney extended an offer for Trian to meet with the company's board but rejected the activist shareholder's request for seats on a board that will soon have 12 members, Trian said in a statement. He wanted the company to come up with a better succession plan, overhaul the streaming business and cut costs. Early this year, Peltz aborted a board challenge to give Iger time to "right the ship." "If they’ve made significant progress," Gadson said of Disney, proxy advisers "are more likely to allow for time to complete the transformation."
Persons: Nelson Peltz, Bob Iger's, Trian, Iger, Peltz, Disney, Morgan Stanley, James Gorman, Jeremy Darroch, Francis deSouza, Patrick Gadson, Vinson, they’ve, Gadson, Samrhitha, Dawn Chmielewski, Bayliss, Mark Porter, Lisa Shumaker Organizations: Disney, Trian, ESPN, Sky, Companies, Exxon, Svea Herbst, Thomson Locations: Bengaluru, Dawn, New York, Providence
The two appointments would temporarily expand Disney’s board of directors from 11 to 13 members. Photo: fred prouser/ReutersWalt Disney ’s board appointed Morgan Stanley Chief Executive James Gorman and former Sky CEO Jeremy Darroch as new directors as it faces the prospect of two separate shareholder challenges. Disney said the appointments reflect its commitment to a strong board focused on long-term performance, strategic growth initiatives, succession planning and increasing shareholder value. Chief Executive Bob Iger in recent weeks has told investors and employees that the company has begun building its future after a period of fixing problems.
Persons: fred prouser, Reuters Walt, Morgan, James Gorman, Jeremy Darroch, Disney, Bob Iger Organizations: Reuters, Reuters Walt Disney ’, Morgan Stanley, Sky
“Quality needs attention to deliver quality, it doesn’t happen by accident,” Iger said. Iger, speaking in a wide-ranging interview with Andrew Ross Sorkin at The New York Times’ annual DealBook summit, acknowledged that Disney had “diluted” the caliber of films produced by Marvel. The company, he added, had “made too many” film sequels that had not been well received by audiences or critics. Francis deSouza, the former CEO of Illumina — a biotech company — said he would not seek re-election to the board. In a statement, Mark Parker, the chairman of Disney’s board, praised Gorman’s succession planning abilities at Morgan Stanley.
Persons: CNN —, Bob Iger, ” Iger, ” “, Andrew Ross Sorkin, , we’ve, , Iger, Bob Chapek, you’ve, Morgan Stanley, James Gorman, Sky Jeremy Darroch, Francis deSouza, Illumina, , Mark Parker, Ted Pick, Gorman, James, Morgan Stanley’s, ” Parker, Samantha Delouya Organizations: CNN, CNN — Disney, Marvel Studios, Marvel, The New York Times, Disney, Sky,
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