Trian urges Disney shareholders to vote for director candidates

The Trian Group, which beneficially owns $3.5B of common stock in The Walt Disney Company, released a letter to its fellow Disney shareholders, which read in part, “For more than a century, Disney has captivated millions of people all over the world with unforgettable films and experiences. Like you, Trian loves Disney and wants to see the Company succeed. With its iconic franchises, global presence and scale, unparalleled customer loyalty and enviable commercial flywheel, Disney and its shareholders should prosper. But despite its many advantages, Disney has lost its way. Disney fell from its #1 position at the box office, was late to enter the streaming business and doubled down on linear TV at the wrong time. As a result, financial performance has deteriorated, with earnings per share, free cash flow, operating income and many other key metrics lower than they were five years ago. Consequently, shareholders have suffered. Disney’s stock has underperformed its media peers and the broader market over most relevant periods: over the past one, two, three, four and five years. To help ensure a better future for this great company, we believe Disney needs new independent directors who have a shareholder mindset, deep and relevant experience and a sense of urgency. We have nominated two such candidates: Nelson Peltz and Jay Rasulo, each of whom have invested their own money in Disney stock and are dedicated to helping Disney. Nelson was a public company CEO and has served on the boards of many public companies facing performance, governance and CEO succession challenges, just like Disney. Jay is the former Chief Financial Officer of Disney and ran the Company’s parks and resorts business before that…Nelson Peltz and Jay Rasulo have dedicated themselves to helping build a better future for this iconic company. Like you, we want Disney to improve the guest experience at its parks and on its cruises; create unforgettable, industry-leading films and television content; and deliver sustainable growth and value for shareholders for generations to come. We are confident that, given its many advantages, Disney can do better. But we need your help. Together, we can elect two new independent directors who will bring focus, alignment and accountability to the Company’s boardroom. Together, we can Restore the Magic at Disney. To ensure the election of Nelson Peltz and Jay Rasulo, it is essential that shareholders vote FOR Nelson Peltz and Jay Rasulo and WITHHOLD on Michael B.G. Froman, Maria Elena Lagomasino and all three Blackwells Nominees.”