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The fight for the future of the Walt Disney Company got very fast and furious this morning.
Just minutes after influential proxy advisory board Institutional Shareholder Services recommended adding activist investor Nelson Peltz to the Disney board, the chairman struck back with a blunt dismissal.
“While we’re heartened to see support for Michael Froman and ISS’ recommendation to withhold on dissident directors Jay Rasulo and the Blackwells’ nominees, we strongly believe that ISS reached the wrong conclusion in its recent report when it comes to adding Nelson Peltz to the board,” Disney board boss Mark Parker said Thursday as an increasingly bitter April 3 vote by shareholders looms. “In contrast to Glass Lewis, ISS fails to acknowledge the breadth of perspective and expertise Ms. Lagomasino adds to the Board. The strong recent performance and results overseen by the Disney Board demonstrate our focus on long-term shareholder value creation and succession planning an our commitment to good governance practices”
Pivotal to the rise of past and present Disney CEO Bob Iger to the Mouse House top spot in 2005, ISS today put its weight behind the Ike Perlmutter-backed Peltz for “his considerable experience on other boards and fiduciary duties owed to a large shareholding group, appears best positioned to bring a shareholder perspective to the board.”
Booted off his corporate perch permanently by Iger back in 2023, former Marvel chief Perlmutter has delivered his not inconsiderable voting shares to Trian’s Peltz and their handpicked board candidates of ex-Disney CFO Rasulo, who left the company in a succession huff in 2015, and others.
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