“The Disney I know and love has lost its way.”
This statement is coming from Jay Rasulo, former CFO of Disney, who left the company in 2015.
In an unexpected twist, Rasulo, a former high-flying contender for the Disney CEO throne under the reign of Bob Iger, has emerged as a nominee for a coveted spot on Disney’s board of directors, courtesy of Trian Partners.
In a strategic move that surprised no one, Trian Partners also threw its hat in the ring by nominating its founder, Nelson Peltz, to join the board, signaling the commencement of a fresh proxy battle with the entertainment giant.
Rasulo continued “As independent voices in the boardroom, Nelson and I are confident that the combination of my decades of experience at Disney, Nelson’s significant boardroom skills and history of driving positive strategic change, and our combined consumer brands expertise and financial acumen, will be additive to the Disney Board.”
The question that lingers in the air like pixie dust: which of Disney’s current board members might Trian have in its crosshairs for potential replacements?
Disney responded to the Trian nominations in a statement of its own on Thursday.
“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,” Disney said. “The Governance and Nominating Committee, which evaluates director nominations, will review the proposed Trian nominees and provide a recommendation to the Board as part of its governance process.”
Nelson Peltz, the investor and co-founder of Trian Partners, made headlines when he set his sights on Disney’s board of directors. His second proxy fight aimed to secure a seat at the decision-making table and wield influence over the company’s strategic direction.
Peltz’s Trian Partners has teamed with former Marvel boss Ike Perlmutter, who was unceremoniously fired from Disney over the summer. Disney claims that Perlmutter has a personal vendetta against Disney and that shareholders need to weigh any nominations coming from Trian.
“Mr. Peltz, in partnership with Isaac Perlmutter, a former Disney executive, intends to take its case to shareholders. Mr. Perlmutter owns 78% of the shares that Mr. Peltz claims beneficial ownership of, or more than 25 million of the 33 million shares,” Disney said in a statement to CNBC.
“This dynamic is relevant to assessing Mr. Peltz and any other nominees he may put forth as directors, as Mr. Perlmutter was terminated from his employment by Disney earlier this year and has voiced his longstanding personal agenda against Disney’s CEO, Robert A. Iger, which may be different than that of all other shareholders,” the company spokesperson added.
Jay Rasulo was replaced by Christine McCarthy as Disney CFO in 2015, who herself stepped down earlier this year.
Developing.
[Source: THR]
Pirates & Princesses (TM) (Stylized as PNP) is an independent, opinionated News and Information site focused on Travel, Entertainment, Fashion, the “Geek Girl” Lifestyle, and more. We focus heavily on Walt Disney World, Disneyland, Universal Orlando Resort, and other themed entertainment and travel destinations. Our news staff includes former theme park and entertainment industry employees, journalists and dedicated pop culture and theme park enthusiasts. Opinions expressed by contributors do not necessarily reflect the views of this site, our affiliates or our sponsors.