Career NewsElon Musk Backs Nelson Peltz Amid Disney Board Proxy Battle

Elon Musk Backs Nelson Peltz Amid Disney Board Proxy Battle

Date:

Key takeaways:
supports Nelson Peltz's bid to join 's board.
– Musk criticizes Disney CEO and commends Peltz's potential contribution to the company.
– Musk promises to buy Disney shares if Peltz is elected, even though voting has already concluded.
– Peltz plans a successful CEO succession and company reforms.
– Peltz fires criticism at , questioning its strategy, despite its global box-office success.

Elon Musk, CEO of Tesla and Neuralink, has openly expressed his support for activist investor Nelson Peltz amidst a heated battle for seats on the Disney Board. The battle, waged primarily between Peltz's Trian Partners and current Disney CEO Bob Iger, is set to conclude at Disney's annual shareholders meeting.

Board of Directors Showdown

Disney announced its 12 board nominees in January. In the ensuing tussle for , Trian Partners, which holds a 1.5% stake in Disney, is campaigning for the addition of Peltz and former Disney CFO Jay Rasulo to the board, despite the voting already having ended last night.

Musk has made his position noteworthy after results were awaited, and voiced his support for Peltz via his Twitter. He stated that the influential investor should “definitely be on the Disney board!”, adding that Peltz's reforms would ‘significantly improve' Disney's share price.

Musk Commits to Potential Investment

Although currently without any shares in Disney, Musk declared his intent to move into shareholder territory should Peltz emerge victorious, praising the activist investor's excellent track record. His intervention, however, comes after voting closure, inciting speculation regarding the potential impact of his stance.

Trian Partners have showcased an expansive 133-page document detailing co-founder Peltz's plans for Disney, notably including a strong CEO succession strategy.

The Proxy Battle

On one side, several high-profile figures including George Lucas, JP Morgan Chase CEO Jamie Dimon, and former Disney boss Michael Eisner among others, stand in favor of Disney's board selections, including the second-largest shareholder, BlackRock.

But Peltz too has strong backing from important names like proxy advisory service ISS, major pension fund CalPERS, and a smaller proxy advisor, Egan-Jones. Now, with Musk's support being thrust into the limelight, the divide exacerbates, despite the conclusion of voting.

Peltz Targets Studios

Peltz, in his for board membership, didn't shy away from criticizing Marvel Studios. He questioned the studio's decisions and took direct shots at its President, Kevin Feige. He expressed concerns over Marvel's strategy and the profitability of its , specifically targeting Black Panther and The Marvels based on selection, despite their global box-office success.

Peltz's controversial stance has undoubtedly sparked debate, as Black Panther alone generated a whopping $1.3 billion worldwide, while The Marvels, albeit underperforming at the box office, was lauded for its cast performances.

Summary

The proxy battle over Disney's board of seats has proven to be a contentious affair, reaching new heights with Tesla CEO Elon Musk's public backing of activist investor Nelson Peltz. The voting may have ended, but discussions continue to simmer. Musk's intervention, coupled with Peltz's criticism of Marvel Studios, adds fresh intrigue to an already complex battle.

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Megan Dianehttps://www.projectcasting.com
Hi, I'm Megan Browne, the Head of Partnerships at Project Casting - a job board for the entertainment industry. As Head of Partnerships, I help businesses find the best talent for their influencer campaigns, photo shoots, and film productions. Creating these partnerships has enabled me to help businesses scale and reach their true potential. I'm excited to continue driving growth by connecting people with projects they're passionate about.

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