Trian ‘disappointed’ in Disney’s ‘disingenuous rhetoric’

Trian issued a statement regarding Disney’s recent communications during the firm’s election campaign ahead of the company’s 2024 Annual Meeting of Shareholders, which will be held on April 3: “Trian is disappointed that Disney is running a scorched-earth campaign that appears to be focused on deflecting attention from the Board’s failures. Trian loves The Walt Disney Company and believes it has unparalleled assets and opportunities and every reason to grow and prosper… But instead of recognizing our good faith and track record, Disney claims that we have a history of ‘attacking’ companies and have ‘infiltrated’ boards and we are seeking to create ‘maximum disruption.’ More unscrupulous still is Disney’s claim that our candidates (including Disney’s own former CFO) are ‘oblivious’ and that our ideas for improving the Company are ‘dangerous’ and ‘inane.’ In our view, this charged and disingenuous rhetoric seems calculated to distract shareholders from Disney’s poor track record and sidestep accountability. So too is Disney’s focus in this campaign on Bob Iger and Ike Perlmutter… Given Disney’s many competitive advantages, Trian is convinced Disney can outperform for shareholders in the future. To Restore the Magic at Disney, we believe the Board needs focused and aligned directors who are committed to helping to set ambitious goals and hold management accountable.”