Disney (DIS) CEO Bob Iger is doing his best not to get distracted by the ongoing proxy fight.
“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.”
The executive pointed to the complexity of Disney's multifaceted business operations as various areas, including 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.
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. Last year, Nelson Peltz, an activist investor at hedge fund Trian Fund Management, reiterated his call for board reform as stocks hit multi-year lows.
Peltz is currently seeking a seat on his board, along with former Disney CFO Jay Laslo. 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.
If the proxy fight continues until the vote, the shareholders' meeting scheduled for April 3 will ultimately decide the board's fate.
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.
