Letter from James P. Gorman:
Dear Fellow Shareholders,
The Walt Disney Company delivered strong financial results for fiscal 2024, achieving notable strategic and creative milestones in each of the Company’s segments. This once again demonstrates the continued progress Disney’s world-class leadership team is making in executing on the Company’s strategic plan under Bob Iger’s exceptional leadership as Chief Executive Officer. The Board is grateful for your support throughout the year and, as we look forward, we have strong confidence in the management team’s plans for continued success.
Ongoing dialogue with our shareholders and responsiveness to feedback is important to the Board and management team. In calendar year 2024, Disney contacted more than 95% of our largest 25 institutional shareholders to discuss a wide range of topics including Board oversight, management succession, executive compensation and enhanced disclosures. The Board and its committees discussed direct input received from investors during these conversations, which helped inform the fiscal 2024 decisions described throughout these proxy materials. We intend to continue our robust approach to understanding shareholder viewpoints on priority topics and incorporating feedback in our Board discussions.
As we communicated throughout the year, the Board remains actively engaged in the high-priority work of management succession planning. As Chair of the Succession Planning Committee, I am focused on managing our succession process, and we have continued to make strong progress over the last year. In response to shareholder feedback, I was pleased to share an update on our expected timing to announce a CEO successor in early 2026. The full Board is engaged in and committed to finding the right leader for the Company and we are planning for a smooth leadership transition that will enable Disney’s continued success.
The Board also remains focused on effective Company oversight, which includes regular evaluation and planning to maintain appropriate Board representation across a broad and relevant set of skills and experiences. Five non-management Directors, including myself, have joined the Board since 2021, bringing additional perspectives and expertise to this already high-quality Board. We will continue to seek strong alignment of our Board’s skills, perspectives and backgrounds to oversee Disney’s strategic priorities.
Finally, on behalf of the entire Disney Board, I want to thank Mark Parker for his nine years of exemplary leadership and dedicated service to our shareholders and the Company. On a personal level, I would add that Mark has been a role model in the way he has guided me and chaired the Board with such grace, humility and intelligence. As he departs the Disney Board, it is a privilege to serve as Chairman of this storied institution at such a significant moment in the Company’s history. I look forward to working closely together with Bob to enable the Company’s continued success, and I’m honored to serve alongside such a talented group of Directors.
We sincerely thank you for your investment in The Walt Disney Company. We look forward to our continued dialogue and to sharing updates on how we are preparing the Company for the years ahead.
Sincerely,
James P. Gorman
Chairman of the Board
