(CercleFinance.com) – Disney asked its shareholders on Thursday evening not to grant American billionaire Nelson Peltz the two seats he is demanding on its board of directors.
The activist investor is seeking the appointment of a new CEO with a view to boosting the profitability of the entertainment group, which he considers to be far below those of competitors like Netflix and the sector as a whole.
In a press release released yesterday evening, the board of directors recommended that shareholders vote against the appointment of Nelson Peltz, who according to it has no experience in the media nor interesting strategic ideas to propose.
As for Jay Rasulo, the second director proposed by Trian, Nelson Peltz’s fund, he left Disney 15 years ago and has never worked in the sector since, he argues.
In addition to the draft resolution submitted by Peltz, Disney is asking its shareholders to vote against the three candidates proposed by another activist fund, Blackwells Capital.
Disney believes it has the right strategy in place to generate profitable growth and create shareholder value by making the company more efficient, focusing on its strongest brands and franchises, reducing costs and repurposing the payment of a dividend.
The group says it wants to position its streaming business in such a way that it generates high growth and profitability, revitalize its cinema division, strengthen the sports channel ESPN and relaunch the theme park branch.
The general meeting of its shareholders will be held on April 3.
About an hour after the opening, Disney shares lost 0.7% while the Dow Jones lost 0.3%.
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