The activist shareholder also agreed not to increase its stake in the entertainment and media conglomerate more than 2% and to vote in favor of the list of directors appointed by Disney’s board. The hedge fund, led by billionaire investor Daniel Loeb, currently owns a stake of about $1 billion, or 0.4%, in Disney.
Third Point has agreed to standstill provisions, including agreeing not to present or vote in favor of any proposal for consideration at a meeting of shareholders.
Third Point said in August it planned to push the media company through a series of changes, from splitting off cable sports channel ESPN to buying back shares and adding new board members.
Everson, 50, who is also a member of the Coca Cola board, also worked at Facebook’s Meta Platforms where she led the global advertising marketing and sales team during an extraordinarily successful period for the media giant. social.
Meta’s former chief operating officer, Sheryl Sandberg, was also on Disney’s board, but left in 2018. Most recently, Everson was president of Instacart and her career has included leadership roles at Microsoft Corp and Paramount Global, the parent company of Viacom. (Reporting by Akash Sriram Bengaluru; Editing by Krishna Chandra Eluri)