Current and former public company directors who have worked with
Nelson Peltz and Trian today sent a letter to The Walt Disney
Company (NYSE: DIS) Board of Directors detailing their positive
experiences working with Trian.
The letter details Trian and Nelson Peltz’s demonstrated ability
to work collaboratively and constructively with board members and
management teams to drive long-term shareholder value, and its
signatories include former directors at H.J. Heinz and Procter
& Gamble, where Trian joined the Board following a proxy
contest, as well as Janus Henderson, Legg Mason, Mondelēz, Sysco,
and Wendy’s. The letter is signed by Dennis R. Beresford, Francis
S. Blake, Charles E. Bunch, John Cassaday, Ali Dibadj, Kenneth W.
Gilbert, Jorge S. Mesquita, John H. Myers, Dennis Reilley, Sheila
G. Talton, Thomas J. Usher, Jean-François van Boxmeer and Art
Winkleblack.
The full text of the letter can be found below and at
https://restorethemagic.com/03-21-2024/.
Dear Disney Directors,
As directors who have worked with Nelson Peltz at some of the
world’s most respected companies, we are writing to convey our
experience with Nelson in the boardroom and to encourage you to
work with him for the benefit of all shareholders.
Some of us, like you, were skeptical about Nelson and were
initially opposed to the notion of having him on our boards. Some
of us worried that he might derail the successful execution of our
strategy.
However, after having worked with Nelson, we know that our
concerns were misplaced. The companies for which we served as board
members alongside Nelson were improved because of his presence on
the board.
Some of us became Nelson’s colleague after a bitter-fought proxy
contest. Others of us asked Nelson to join our boards, and still
others of us joined a board after Nelson was already on the board.
But one experience we all share: Nelson entered the boardroom every
meeting with an open mind, a focus on growth for the benefit of
stakeholders and a commitment to working constructively towards our
common goal of creating long-term shareholder value.
With his dedication, focus and sound judgment, Nelson
contributed greatly to boardroom discussions. He asked tough
questions and challenged our thinking – as any good director does –
but was not disruptive or disrespectful. To the contrary, Nelson
welcomed different perspectives and encouraged debate. Rather than
stifle dissent, Nelson often catalyzed robust, productive
discussions that helped move our companies forward.
Each of us would happily serve with Nelson again on another
board.
Sincerely,Former Directors and CEOs Who Have Worked with Nelson
Peltz & Trian
Dennis R. BeresfordExecutive in Residence –
Terry College of Business, University of Georgia Former Director of
Legg Mason, Inc.
Francis S. BlakeRetired Chairman and CEO of The
Home Depot, Inc.Former Director of the Procter & Gamble
Company
Charles E. BunchFormer Chairman and CEO, PPG
Industries, Inc.Director of Mondelēz International, Inc.
John CassadayRetired President and CEO of Corus
Entertainment, Inc. Chair of Janus Henderson Group plc
Ali DibadjCEO and Executive Director of Janus
Henderson Group plc
Kenneth W. GilbertRetired CMO, VOSS of Norway
ASADirector of The Wendy’s Company
Jorge S. MesquitaFormer CEO, BlueTriton Brands,
Inc.Director of Mondelēz International, Inc.
John H. MyersRetired President and CEO, GE
Asset Management Former Director of Legg Mason, Inc.
Dennis ReilleyFormer Chairman and CEO, Praxair,
Inc.Former Director of H.J. Heinz Company
Sheila G. TaltonPresident and CEO Gray Matter
AnalyticsDirector of Sysco Corporation
Thomas J. UsherFormer Chairman and CEO, United
States Steel CorporationFormer Director of H.J. Heinz Company
Jean-François van BoxmeerFormer CEO, Heineken
NVFormer Non-Executive and Lead Director of Mondelēz International,
Inc.
Art WinkleblackLead Independent Director of The
Wendy’s CompanyRetired CFO, H.J. Heinz Company
Note that affiliations are listed for identification purposes
only
To ensure the election of Nelson Peltz and Jay Rasulo, it is
essential that shareholders vote “FOR”
Nelson Peltz and Jay Rasulo, and
“WITHHOLD” on Michael B.G. Froman, Maria
Elena Lagomasino, and all three Blackwells Nominees. For
more information, visit our website: www.RestoreTheMagic.com.
About Trian Fund Management, L.P.
Founded in 2005, Trian Fund Management, L.P. (“Trian”) is a
multi-billion dollar investment management firm. Trian is a highly
engaged shareowner that combines concentrated public equity
ownership with operational expertise. Leveraging the 40+ years’
operating experience of our Founding Partners, Nelson Peltz and
Peter May, Trian seeks to invest in high quality but undervalued
and underperforming public companies and to work collaboratively
with management teams and boards to help companies execute
operational and strategic initiatives designed to drive long-term
sustainable earnings growth for the benefit of all
stakeholders.
Media Contacts:
Anne A. Tarbell(212) 451-3030atarbell@trianpartners.com
Paul Caminiti / Pamela Greene / Jacqueline ZuhseReevemark(212)
433-4600Trian@reevemark.com
Investor Contacts:
Matthew Peltz(212) 451-3060mpeltz@trianpartners.com
Ryan Bunch(212) 451-3176rbunch@trianpartners.com
Bruce Goldfarb / Pat McHughOkapi Partners LLC(212) 297-0720(877)
629-6357info@okapipartners.com
Edward McCarthy / Richard Grubaugh / Thomas GerminarioD.F. King
& Co., Inc. (212) 229-2634 Disney@dfking.com
Disclaimer
Except as otherwise set forth in this press
release, the views expressed in this press release reflect the
opinions of Trian Fund Management, L.P. and its affiliates
(“Trian”), and are based on publicly available information with
respect to The Walt Disney Company (“Disney” or the “Company”).
Trian recognizes that there may be confidential information in the
possession of the Company that could lead it or others to disagree
with Trian’s conclusions. Trian reserves the right to change any of
its opinions expressed herein at any time as it deems appropriate
and disclaims any obligation to notify the market or any other
party of any such change, except as required by law. Trian
disclaims any obligation to update the information or opinions
contained in this press release, except as required by law. For the
avoidance of doubt, this press release is not affiliated with or
endorsed by Disney.
This press release is provided merely as
information and is not intended to be, nor should it be construed
as, an offer to sell or a solicitation of an offer to buy any
security nor as a recommendation to purchase or sell any security.
Funds, investment vehicles, and accounts managed by Trian currently
beneficially own shares of the Company. These funds, investment
vehicles, and accounts are in the business of trading – buying and
selling – securities and intend to continue trading in the
securities of the Company. You should assume such funds may from
time to time sell all or a portion of their holdings of the Company
in open market transactions or otherwise, buy additional shares (in
open market or privately negotiated transactions or otherwise), or
trade in options, puts, calls, swaps or other derivative
instruments relating to such shares.
Some of the materials in this press release
contain forward-looking statements. All statements contained herein
that are not clearly historical in nature or that necessarily
depend on future events are forward-looking, and the words
“anticipate,” “believe,” “expect,” “potential,” “could,”
“opportunity,” “estimate,” “plan,” “once again,” “achieve,” and
similar expressions are generally intended to identify
forward-looking statements. The projected results and statements
contained herein that are not historical facts are based on current
expectations, speak only as of the date of these materials and
involve risks, uncertainties and other factors that may cause
actual results, performances or achievements to be materially
different from any future results, performances or achievements
expressed or implied by such projected results and statements.
Assumptions relating to the foregoing involve judgments with
respect to, among other things, future economic competitive and
market conditions and future business decisions, all of which are
difficult or impossible to predict accurately and many of which are
beyond the control of Trian.
The estimates, projections and potential impact
of the opportunities identified by Trian herein are based on
assumptions that Trian believes to be reasonable as of the date of
this press release, but there can be no assurance or guarantee (i)
that any of the proposed actions set forth in this press release
will be completed, (ii) that the actual results or performance of
the Company will not differ, and such differences may be material,
or (iii) that any of the assumptions provided in this press release
are accurate.
Trian has neither sought nor obtained the
consent from any third party to use any statements or information
contained herein that have been obtained or derived from statements
made or published by such third parties, nor has it paid for any
such statements. Any such statements or information should not be
viewed as indicating the support of such third parties for the
views expressed herein. Trian does not endorse third-party
estimates or research which are used herein solely for illustrative
purposes.
Important Information
Trian Fund Management, L.P., together with
Nelson Peltz, Peter W. May, Josh Frank, Matthew Peltz, Isaac
Perlmutter, James A. Rasulo, Trian Fund Management GP, LLC, Trian
Partners, L.P., Trian Partners Parallel Fund I, L.P., Trian
Partners Master Fund, L.P., Trian Partners Co-Investment
Opportunities Fund, Ltd., Trian Partners Fund (Sub)-G, L.P., Trian
Partners Strategic Investment Fund-N, L.P., Trian Partners
Strategic Fund-G II, L.P., Trian Partners Strategic Fund-K, L.P.,
The Laura & Isaac Perlmutter Foundation Inc., Object Trading
Corp., Isaac Perlmutter T.A., and Zib Inc. (collectively, the
“Participants”) filed a definitive proxy statement and accompanying
form of blue proxy card (as supplemented and amended on February
12, 2024, the “Definitive Proxy Statement”) with the Securities and
Exchange Commission (the “SEC”) on February 1, 2024 to be used in
connection with the 2024 annual meeting of shareholders of the
Company.
THE PARTICIPANTS STRONGLY ADVISE ALL
SHAREHOLDERS OF THE COMPANY TO READ THE DEFINITIVE PROXY STATEMENT
AND OTHER PROXY MATERIALS BECAUSE THEY CONTAIN IMPORTANT
INFORMATION. SUCH PROXY MATERIALS ARE AVAILABLE AT NO CHARGE ON THE
SEC’S WEBSITE AT HTTP://WWW.SEC.GOV AND TRIAN’S WEBSITE,
HTTPS://RESTORETHEMAGIC.COM. THE DEFINITIVE PROXY STATEMENT AND
ACCOMPANYING PROXY CARD WILL BE FURNISHED TO SOME OR ALL OF THE
COMPANY’S SHAREHOLDERS. SHAREHOLDERS MAY ALSO DIRECT A REQUEST TO
EITHER OF TRIAN’S PROXY SOLICITORS, OKAPI PARTNERS LLC, 1212 AVENUE
OF THE AMERICAS, NEW YORK, NY 10036 (SHAREHOLDERS CAN E-MAIL
INFO@OKAPIPARTNERS.COM OR CALL TOLL-FREE: (877) 629-6357), OR D.F.
KING & CO., INC., 48 WALL STREET, NEW YORK, NY 10005
(SHAREHOLDERS CAN E-MAIL DISNEY@DFKING.COM OR CALL TOLL-FREE: (800)
207-3158).
Information about the Participants and a
description of their direct or indirect interests by security
holdings or otherwise can be found in the Definitive Proxy
Statement.
Grafico Azioni Walt Disney (NYSE:DIS)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Walt Disney (NYSE:DIS)
Storico
Da Apr 2023 a Apr 2024