Disney (DIS) Chief Executive Officer Bob Iger said Tuesday that he is doing his best to ensure that his ongoing proxy battle with activist investor Nelson Peltz does not distract him from turning around the business. Stated.
“I'm working hard to not let this distract me, because when I get distracted, the people working for me… “It's a distraction for everyone there, and that's not a good thing.”
Last year, Mr. Peltz and his hedge fund, Trian Fund Management, renewed their push to shake up the company's board of directors as stocks hit multi-year lows. Disney is grappling with challenges including a decline in its linear TV business, slowing growth in its parks business and losses in its streaming business.
Iger pointed to the complexity of running Disney's multifaceted business as various areas, such as streaming, face increasing disruption.
“the [a business] “That requires a significant amount of knowledge, as well as a huge amount of time and focus,” he says, adding, “This campaign is, in a way, designed to distract us. … It takes time and focus to create what we need for our shareholders.”
Iger's comments come after Tryon released a 130-page white paper on Monday that blamed Disney's poor performance on the board and criticized its members for lacking “focus, coordination and accountability.” Served.
Peltz is currently seeking a seat on his board, along with former Disney CFO Jay Laslo. If the proxy fight continues until the vote, the shareholders' meeting scheduled for April 3 will ultimately decide the board's fate.
Another investment firm, Blackwells Capital, supports the company's current board of directors, but is urging shareholders to vote for three nominees to be added to the board.
Disney stock has rebounded from record lows and is up about 11% from a year ago.
The stock has risen about 25% so far in 2024, outpacing the S&P 500's 6% rise over the same period.
