Disney doesn’t want to change anything. They’ve rejected Nelson Peltz’s board member nominees and instead want to push their own board members. You know, the ones who sat by and let the Walt Disney Company get flushed down the toilet? Then we talk about Bob Iger getting a pay cut. He’s down to a measly $31 million. Poor Bob.
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Additional Context:
The Walt Disney Company’s board of directors has formally rejected board member candidates proposed by activist investor Nelson Peltz and his firm Trian Fund Management. Peltz had nominated himself and former Disney chief financial officer Jay Rasulo for seats on Disney’s board as independent directors. However, Disney’s board did not endorse these nominations and instead recommended that shareholders vote for their own slate of 12 nominees, which includes high-profile individuals such as Lululemon CEO Calvin McDonald, GM CEO Mary Barra, and former Nike CEO Mark Parker.
Bob Iger, who returned as CEO of Disney in November 2022, has been focused on transforming ESPN into a content juggernaut and prioritizing streaming investments. His compensation for most of Disney’s fiscal year, which ended in September, totaled approximately $31.6 million. This included significant stock awards and cash bonuses, with $16.1 million in stock grants, $10 million in stock options, and $2.1 million in performance-based cash incentives. His base pay was $865,000 for the partial year since resuming leadership of the media conglomerate.
Disney’s board stated that Peltz did not disclose any strategic ideas for the company and seemed oblivious to the ongoing secular changes in the media industry. They also raised concerns about his lack of experience in media and technology sectors, as well as his partnership with Ike Perlmutter, which complicates his relationship with Disney executives. In a letter to investors, Iger reiterated his vision for Disney, emphasizing the goal to make the streaming business profitable and to transform ESPN into a leading digital platform.
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