Trian Partners has just gotten the backing of another large advisory firm, Egan-Jones Ratings Co., which is backing Nelson Petlz and Jay Rasulo. Egan-Jones Ratings Co. is recommending Disney shareholders vote for both Nelson Petlz and Jay Rasulo to replace Walt Disney Company board members in the annual shareholder meeting that will take place on April 3, 2024.
Egan-Jones said, “We see very little downside and a lot of upsides in putting the Trian Nominees on the Board.”
They cited these reasons for making this decision:
- “The apparent lack of a … long-term succession plan.”
- “A Board that appears cutoff and unwilling to engage with investors and the broader market.”
- “A business model, we believe to be built for the last decade, but not forward looking and flexible enough to ensure success in the next.”
- “A desire to protect the status quo for as long as possible and at all costs.”
- “Mediocre financial performance and the resultant lower valuation.”
This marks the second big win for Trian as last week the Institutional Shareholder Services (ISS) also backed Trian with Peltz for a seat on the Walt Disney Board.
With only a week left until the meeting, it’s going to get ugly. Disney already acted in a very unDisney manner by putting out a video that sounded more like a political mud-slinging ad than it did a Disney video.
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