The activist investors are circling, as a new group has entered the proxy battle for Board of Director seats at Disney. That said, this activist investor group is decidedly against the actions of the other activist investor group under Trian Fund Management. Disney has confirmed that Blackwells Capital LLC, together with its affiliates (collectively, “Blackwells”), has provided notice of its intent to nominate three individuals for election to the Company’s Board of Directors at the 2024 Annual Meeting of Shareholders.
On the surface, the move by Blackwells mirrors that of Trian Fund Management who has put forward Nelson Peltz and former Disney CFO Jay Rasulo as nominees for two seats on the Disney Board of Directors. That said, Blackwells has previously released a statement saying that it supports the transformative restructuring of Disney by Disney CEO Bob Iger and that it is concerned that “Trian’s campaign prioritizes Mr. Peltz’s ego over what is best for all Disney shareholders”.
Disney is currently in a state of flux as Disney CEO Bob Iger continues to search for a successor.
Blackwells released the following statement earlier today:
Blackwells Capital, a shareholder of The Walt Disney Company (DIS), has nominated three candidates – Jessica Schell, Craig Hatkoff and Leah Solivan – for election to the board of directors of Disney at the 2024 annual meeting of shareholders. Schell was an executive with Warner Brothers Discovery and NBC Universal. Hatkoff has served as a director on the boards of prominent public real estate companies and was head of a real estate M&A at one of the largest investment banks. Solivan is a venture capitalist and technology expert.
Jason Aintabi, Chief Investment Officer of Blackwells, said: “We call on Peltz to end his peacocking. Disney’s current leadership is invaluable to its shareholders, and our three exceptional candidates are being nominated along with a business proposal specifying that any incumbent director outvoted by Blackwells’ nominees be immediately added back to the Board following the 2024 Annual Meeting.”
In response to the announcement that Blackwells would be seeking Board seats, Disney released the following statement:
The Walt Disney Company (NYSE: DIS) confirmed today that Blackwells Capital LLC, together with its affiliates (collectively, “Blackwells”), has provided notice of its intent to nominate three individuals for election to the Company’s Board of Directors at the 2024 Annual Meeting of Shareholders.
Disney has an experienced, diverse, and highly qualified Board that is focused on the long-term performance of the company, strategic growth initiatives including the ongoing transformation of its businesses, the succession planning process, and increasing shareholder value.
The Governance and Nominating Committee, which evaluates director nominations, will review the proposed Blackwells nominees and provide a recommendation to the Board as part of its governance process.
The Company expects to file preliminary materials with respect to the 2024 Annual Meeting of Shareholders with the Securities and Exchange Commission (“SEC”), which will include the Board’s recommended slate of director nominees. Disney shareholders are not required to take any action at this time.
As always, keep checking back with us here at BlogMickey.com as we continue to bring you the latest news, photos, and info from around the Disney Parks!
Article updated to provide more context on Blackwells actions