Disney released a new video on VoteDisney.com encouraging shareholders not to vote for Nelson Peltz and Jay Rasulo, Trian’s nominations for Disney’s Board of Directors.
Disney Attacks Nelson Peltz, Jay Rasulo, & Ike Perlmutter
The video asks, “What’s the harm of letting activist investor Nelson Peltz or Jay Rasulo have a seat on Disney’s Board?” before cutting to this quote from Fortune:
Having Peltz on your board seems to be more value-destructive.
Fortune
Disney says other companies, like GE and DuPont, have suffered after Peltz “infiltrated” them and that he has a long history of “attacking companies to the ultimate detriment of shareholder value.”
The video also states Peltz’s “quest seems more about vanity than a belief in Disney” because he has sold 500,000 Disney shares in the past six months.
They also note that Peltz has no media expertise or experience running a global entertainment company like Disney.
Regarding Jay Rasulo, the video calls him “a former Disney employee who was passed over for a promotion nearly a decade ago” and says he “hasn’t been employed since leaving Disney.” Rasulo was previously Senior Executive Vice President and Chief Financial Officer for The Walt Disney Company.
Disney states the last time Rasulo joined the Board of a media company (iHeart), the company’s stock plummeted.
The video also acknowledges that Peltz and Rasulo are working with “another disgruntled former employee, Ike Perlmutter, who has his own lengthy record of destructive behavior inside Disney.” Perlmutter was Chairman of Marvel Entertainment before being let go in early 2023. He gave control of his Disney shares to Trian and Peltz.
The video says that this is a critical time for The Walt Disney Company and that Peltz, Rasulo, and Perlmutter are distractions who “threaten to jeopardize the incredible progress” the company has made since Bob Iger rejoined as CEO.
Disney has nominated all current members of the Board of Directors for re-election and urges shareholders to vote for them.
All Disney shareholders on record as of February 5 are allowed to vote for the Board of Directors during the annual shareholders meeting on April 3.
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