Disney (DIS) CEO Bob Iger said Tuesday that he is doing his best not to let an ongoing proxy dispute with activist investor Nelson Peltz distract his focus on turning around the business.
“I work really hard not to let it distract me because when I get distracted, everyone who works for me is distracted, and that's not a good thing,” Iger said Tuesday at Morgan's media and telecommunications conference Stanley.
Last year, Peltz and his hedge fund Trian Fund Management tried again to shake up the company's board when the stock price hit its lowest point in several years. Disney is grappling with challenges that include a declining linear TV business, slower growth in its parks business and losses in streaming.
Iger cited the complexities of running Disney's diverse business as various segments such as streaming face increasing disruption.
“It is [a business] “This not only requires a lot of knowledge, but also an enormous amount of time and concentration,” he said. “This campaign is intended to distract us in some way. … It takes time and focus to generate what we need to generate for shareholders.”
Iger's comments come after Trian released a 130-page white paper on Monday blaming the board for Disney's poor performance and accusing its members of a lack of “focus, direction and responsibility.”
Peltz is currently seeking board seats along with former Disney CFO Jay Rasulo. If the dispute over voting rights comes to a vote, a shareholder meeting scheduled for April 3 will ultimately decide the fate of the board.
Another investment firm, Blackwells Capital, supports the company's current board but has urged shareholders to vote for the three nominees as new additions.
Disney shares have rebounded from their record lows and are up about 11% year-over-year.
Since the start of 2024, shares have risen about 25%, outpacing the S&P 500's 6% gain over the same period.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.