News The Walt Disney Company Board of Directors Extends Robert A. Iger’s Contract as CEO Through 2026

[WoundedDreamer]

Trian gains another endorsement.

In Disney Proxy Battle, A Second Advisory Firm Backs Activist Investor Nelson Peltz​

In Disney Proxy Battle, A Second Advisory Firm Backs Activist Investor Nelson Peltz

Proxy advisory firm Egan-Jones on Wednesday became the second one to support activist Nelson Peltz's effort to win seats on the Disney board.

deadline.com

Wow. While not the most influential like ISS, this is another big win for Peltz. He's getting closer. The Murdochs might end up deciding Peltz's fate. It's going to be interesting!

 

[TalkingHead]

From Hollywood Reporter: Bob Iger’s Invincible Era Is Over

Bob Iger’s Invincible Era Is Over

After a major Wall Street firm sides with activist Nelson Peltz ahead of an April 3 shareholders meeting, investors are questioning how the CEO plans to plot out growth — and his own succession.

www.hollywoodreporter.com

 

[WoundedDreamer]

Iger's having a rough day...

 

[EPCOT-O.G.]

Iger's having a rough day...

Time to call in that favor from Bette Middler. It’s getting rough out here in these (Wall) streets

 

[Indy_UK]

Im just waiting for the Robin Roberts endorsement for Iger. That will be the killer blow to Peltz

 

[TalkingHead]

Trian gains another endorsement.

In Disney Proxy Battle, A Second Advisory Firm Backs Activist Investor Nelson Peltz​

In Disney Proxy Battle, A Second Advisory Firm Backs Activist Investor Nelson Peltz

Proxy advisory firm Egan-Jones on Wednesday became the second one to support activist Nelson Peltz's effort to win seats on the Disney board.

deadline.com

Notable excerpt from article:

The firm cited an “apparent lack” of a long-term succession plan and a board that “appears cut off and unwilling to engage with investors and the broader market.”

Egan-Jones said the company’s business model is “built for the last decade, but not forward looking and flexible enough to ensure success in the next.” The current board, it added, is characterized by “a desire to protect the status quo for as long as possible and at all costs.”

 

[EPCOT-O.G.]

Notable excerpt from article:

That except is particularly damning.

 

[WoundedDreamer]

In light of Disney's settlement with Florida, I thought it would be a good time to revisit one of the greatest puff pieces of all time.

"Bob Iger Outsmarting Ron DeSantis Is a Master Class in Taking on Bullies"​

https://time.com/6269199/bob-iger-disney-florida/

This oped, written in mid 2023, is by Jeffrey Sonnenfeld. Sonnenfeld is a professor of business at the Yale Business School. He loves Bob Iger. How do I know?

"Benjamin Disraeli, British Prime Minister 150 years ago, advised “Courage is like fire. Bullying is smoke.” Bob Iger knows how to blow away the smoke of cowardly bullies. Those many CEOs looking to fortify corporate character just found a new role model to show their own boards."

That's right, Bob Iger is the role model of courage. He's also as smart tactically as a Napoleon or an Alexander:

"Before the governor’s plan could take effect, Iger had already finalized a legal agreement with the soon to be dissolved prior oversight board which transferred the key powers DeSantis tried to seize, directly to Disney for 30 years. Leaving the governor’s new oversight board largely powerless, the pact provided approval to build another theme park and restrictions that bar the successor DeSantis-controlled oversight board from making changes to Disney’s properties without securing company approval."


That's right. He showed Florida who was boss. He's also something of a Civil Rights icon...

"Whether defending Disney’s business performance or its corporate character, the business mission is never one of cowardice in the face of new opportunistic anti-work court jesters of corporate governance. Iger this week alluded to parallels between DeSantis-led efforts to frighten CEOs into silence and those who were intimidated into silence over human rights abuses during World War II and the Civil War. As he said to his shareholders: 'Those that stood in silence, in some ways, still carry the stain of indifference. So as long as I’m on the job, I’m going to continue to be guided by a sense of decency and respect and trust our instincts that when we do weigh in, we weigh in because the issue is truly relevant to our business and to the people that work for us.'"

In this new Civil War, Iger is standing courageously to fight. Disney and Iger will not be found carrying "the stain of indifference." But Iger's powers also extended to fighting other demonic forces lurking...

For good measure, Iger performed a needed exorcism for his Marvel division, removing Marvel Entertainment chairman Ike Perlmutter as “part of a cost cutting initiative.” On Thursday Perlmutter admitted his unfortunate collaboration with DeSantis and Peltz against Disney leadership, as well as the accusations over his somewhat abrasive style.

After the Perlmutter "exorcism," Disney's house is finally rid of demons. One wonders who invited Perlmutter into Disney in the first place... Maybe it was Chapek? But he also emasculated Peltz and sent him fleeing for mercy.

"With this track record Iger had little hesitation in staring down an assault by faltering activist Nelson Peltz, despite misguided analysts advising Iger to concede to his demands after returning to office as CEO. Peltz folded with Iger’s strategic repositioning, his tail between his legs as Disney’s stock soared."

Is there anything that Bob Iger can't do?!?! No, in fact there is not.

"The Florida troika of cronies Governor Ron DeSantis, activist Nelson Peltz, and former Marvel chairman Ike Perlmutter have met their match in Disney’s CEO Bob Iger."

It makes sense that Sonnenfeld recently lent his voice of support to Iger's campaign. Sonnenfeld observed:

"[Peltz] wants to be on the coattails of greatness. He can see that this thing [Disney] is about to take a big upswing and that Iger knows exactly what he is doing..."

With methodical analysis like Sonnenfeld's it's no wonder he is a professor at the Yale Business School. He can see what others cannot. Bob Iger's greatness!

Bob Iger Outsmarting Ron DeSantis Is a Master Class in Taking on Bullies

Bob Iger shows how CEOs can take on political bullies like Ron DeSantis

time.com

 

[MisterPenguin]

Notable excerpt from article:

The firm cited an “apparent lack” of a long-term succession plan and a board that “appears cut off and unwilling to engage with investors and the broader market.”

Egan-Jones said the company’s business model is “built for the last decade, but not forward looking and flexible enough to ensure success in the next.” The current board, it added, is characterized by “a desire to protect the status quo for as long as possible and at all costs.”

What does Disney have to do to be ready 'for the next decade'?

Iger was ahead of all other studios in going all in on streaming seeing the inevitable death of linear/cable.

He's moving ESPN and sports to streaming and joint ventures to assure it's continuing income.

The studios are innovating SFX with The Volume and Unreal Engine. ILM continues to be on the forefront of SFX.

Disney is working with Epic games to get back into the digital gaming game.

RotR and GotG (regardless of how one feels about the setting) show continuing theme park innovation.

Just about all interaction with the theme parks can be done on a smart phone on the fly.

They're growing their cruise line business.

They partnered with Apple to get a foot in the door with AR/VR.


So, what *isn't* Disney doing that they should be doing to be ready for the next decade?

Sounds like an AI wrote their statement.

 

[MisterPenguin]

In light of Disney's settlement with Florida, I thought it would be a good time to revisit one of the greatest puff pieces of all time.

"Bob Iger Outsmarting Ron DeSantis Is a Master Class in Taking on Bullies"​

https://time.com/6269199/bob-iger-disney-florida/

This oped, written in mid 2023, is by Jeffrey Sonnenfeld. Sonnenfeld is a professor of business at the Yale Business School. He loves Bob Iger. How do I know?

"Benjamin Disraeli, British Prime Minister 150 years ago, advised “Courage is like fire. Bullying is smoke.” Bob Iger knows how to blow away the smoke of cowardly bullies. Those many CEOs looking to fortify corporate character just found a new role model to show their own boards."

That's right, Bob Iger is the role model of courage. He's also as smart tactically as a Napoleon or an Alexander:

"Before the governor’s plan could take effect, Iger had already finalized a legal agreement with the soon to be dissolved prior oversight board which transferred the key powers DeSantis tried to seize, directly to Disney for 30 years. Leaving the governor’s new oversight board largely powerless, the pact provided approval to build another theme park and restrictions that bar the successor DeSantis-controlled oversight board from making changes to Disney’s properties without securing company approval."


That's right. He showed Florida who was boss. He's also something of a Civil Rights icon...

"Whether defending Disney’s business performance or its corporate character, the business mission is never one of cowardice in the face of new opportunistic anti-work court jesters of corporate governance. Iger this week alluded to parallels between DeSantis-led efforts to frighten CEOs into silence and those who were intimidated into silence over human rights abuses during World War II and the Civil War. As he said to his shareholders: 'Those that stood in silence, in some ways, still carry the stain of indifference. So as long as I’m on the job, I’m going to continue to be guided by a sense of decency and respect and trust our instincts that when we do weigh in, we weigh in because the issue is truly relevant to our business and to the people that work for us.'"

In this new Civil War, Iger is standing courageously to fight. Disney and Iger will not be found carrying "the stain of indifference." But Iger's powers also extended to fighting other demonic forces lurking...

For good measure, Iger performed a needed exorcism for his Marvel division, removing Marvel Entertainment chairman Ike Perlmutter as “part of a cost cutting initiative.” On Thursday Perlmutter admitted his unfortunate collaboration with DeSantis and Peltz against Disney leadership, as well as the accusations over his somewhat abrasive style.

After the Perlmutter "exorcism," Disney's house is finally rid of demons. One wonders who invited Perlmutter into Disney in the first place... Maybe it was Chapek? But he also emasculated Peltz and sent him fleeing for mercy.

"With this track record Iger had little hesitation in staring down an assault by faltering activist Nelson Peltz, despite misguided analysts advising Iger to concede to his demands after returning to office as CEO. Peltz folded with Iger’s strategic repositioning, his tail between his legs as Disney’s stock soared."

Is there anything that Bob Iger can't do?!?! No, in fact there is not.

"The Florida troika of cronies Governor Ron DeSantis, activist Nelson Peltz, and former Marvel chairman Ike Perlmutter have met their match in Disney’s CEO Bob Iger."

It makes sense that Sonnenfeld recently lent his voice of support to Iger's campaign. Sonnenfeld observed:

"[Peltz] wants to be on the coattails of greatness. He can see that this thing [Disney] is about to take a big upswing and that Iger knows exactly what he is doing..."

With methodical analysis like Sonnenfeld's it's no wonder he is a professor at the Yale Business School. He can see what others cannot. Bob Iger's greatness!

Bob Iger Outsmarting Ron DeSantis Is a Master Class in Taking on Bullies

Bob Iger shows how CEOs can take on political bullies like Ron DeSantis

time.com

Yeah, Iger totally fumbled it and DeSantis was able to parley the fight into becoming the Republican nominee for president.

 

[Comped]

A lot of the streamers imploding on themselves can be blamed on streaming as a whole being a money eating machine. Chapek also made some really bad decisions in giving up cricket rights in India, which kneecapped their India operations and his doubling down on the "sacrifice everything for Disney+" strategy Iger started hurt all of their divisions hard creatively (Marvel's struggles can be linked to the endless glut of mid shows they made for Disney+ for example). That and the market pivoted from subscriber numbers to how much money they were making, hence the streamers gutting themselves.

Cricket rights in India are historically overvalued. And I don't just mean that in terms of the history of the value - for a sport that essentially only matters commercially in India (or at the very least is by far and away the biggest driver of its growth), their rights far exceed any reasonable fee. Disney made the financially sound choice here - because it would have cost them literally billions just for a relatively short term contract, that didn't convert the watchers into Disney fans to consume literally any other Disney content. They didn't visit the parks, buy merch, or watch Disney films - they signed up for Hotstar to watch cricket (specifically IPL) and cricket alone. Which is a losing proposition in the long term, especially as the rights appear to continue to be a big bubble that will eventually sink the Indian broadcasting market.

 

[EPCOT-O.G.]

Yeah, Iger totally fumbled it and DeSantis was able to parley the fight into becoming the Republican nominee for president.

Yeah it’s a draw.

Desantis isn’t the nominee, and Iger is locked in a highly contentious proxy battle, has been pushing entertainment over message at recent public forums, and lost RCID in favor of a state controlled oversight board.

 

[Casper Gutman]

In light of Disney's settlement with Florida, I thought it would be a good time to revisit one of the greatest puff pieces of all time.

"Bob Iger Outsmarting Ron DeSantis Is a Master Class in Taking on Bullies"​

https://time.com/6269199/bob-iger-disney-florida/

This oped, written in mid 2023, is by Jeffrey Sonnenfeld. Sonnenfeld is a professor of business at the Yale Business School. He loves Bob Iger. How do I know?

"Benjamin Disraeli, British Prime Minister 150 years ago, advised “Courage is like fire. Bullying is smoke.” Bob Iger knows how to blow away the smoke of cowardly bullies. Those many CEOs looking to fortify corporate character just found a new role model to show their own boards."

That's right, Bob Iger is the role model of courage. He's also as smart tactically as a Napoleon or an Alexander:

"Before the governor’s plan could take effect, Iger had already finalized a legal agreement with the soon to be dissolved prior oversight board which transferred the key powers DeSantis tried to seize, directly to Disney for 30 years. Leaving the governor’s new oversight board largely powerless, the pact provided approval to build another theme park and restrictions that bar the successor DeSantis-controlled oversight board from making changes to Disney’s properties without securing company approval."


That's right. He showed Florida who was boss. He's also something of a Civil Rights icon...

"Whether defending Disney’s business performance or its corporate character, the business mission is never one of cowardice in the face of new opportunistic anti-work court jesters of corporate governance. Iger this week alluded to parallels between DeSantis-led efforts to frighten CEOs into silence and those who were intimidated into silence over human rights abuses during World War II and the Civil War. As he said to his shareholders: 'Those that stood in silence, in some ways, still carry the stain of indifference. So as long as I’m on the job, I’m going to continue to be guided by a sense of decency and respect and trust our instincts that when we do weigh in, we weigh in because the issue is truly relevant to our business and to the people that work for us.'"

In this new Civil War, Iger is standing courageously to fight. Disney and Iger will not be found carrying "the stain of indifference." But Iger's powers also extended to fighting other demonic forces lurking...

For good measure, Iger performed a needed exorcism for his Marvel division, removing Marvel Entertainment chairman Ike Perlmutter as “part of a cost cutting initiative.” On Thursday Perlmutter admitted his unfortunate collaboration with DeSantis and Peltz against Disney leadership, as well as the accusations over his somewhat abrasive style.

After the Perlmutter "exorcism," Disney's house is finally rid of demons. One wonders who invited Perlmutter into Disney in the first place... Maybe it was Chapek? But he also emasculated Peltz and sent him fleeing for mercy.

"With this track record Iger had little hesitation in staring down an assault by faltering activist Nelson Peltz, despite misguided analysts advising Iger to concede to his demands after returning to office as CEO. Peltz folded with Iger’s strategic repositioning, his tail between his legs as Disney’s stock soared."

Is there anything that Bob Iger can't do?!?! No, in fact there is not.

"The Florida troika of cronies Governor Ron DeSantis, activist Nelson Peltz, and former Marvel chairman Ike Perlmutter have met their match in Disney’s CEO Bob Iger."

It makes sense that Sonnenfeld recently lent his voice of support to Iger's campaign. Sonnenfeld observed:

"[Peltz] wants to be on the coattails of greatness. He can see that this thing [Disney] is about to take a big upswing and that Iger knows exactly what he is doing..."

With methodical analysis like Sonnenfeld's it's no wonder he is a professor at the Yale Business School. He can see what others cannot. Bob Iger's greatness!

Bob Iger Outsmarting Ron DeSantis Is a Master Class in Taking on Bullies

Bob Iger shows how CEOs can take on political bullies like Ron DeSantis

time.com

What is this post other than off-topic gloating on behalf of a politician who has consistently tried to crush constitutionally guaranteed free speech rights?

A lot of true colors being shown today. Not that we can discuss that, of course.

 

[BrianLo]

A lot of the streamers imploding on themselves can be blamed on streaming as a whole being a money eating machine. Chapek also made some really bad decisions in giving up cricket rights in India, which kneecapped their India operations and his doubling down on the "sacrifice everything for Disney+" strategy Iger started hurt all of their divisions hard creatively (Marvel's struggles can be linked to the endless glut of mid shows they made for Disney+ for example). That and the market pivoted from subscriber numbers to how much money they were making, hence the streamers gutting themselves.

Did Iger start the sacrifice everything strategy? Or Chapek?

Chapek was promoted before D+ was 90 days old. It wasn’t really until late 2020 that the movies started being shunted directly, Soul on Christmas Day being the first.

In my mind Iger designed a lean HBO esque service with one prestige show a few times a year. Chapek took it down the Netflix competitor route when it was more successful than expected. I’d argue neither was right. But the overcall is really what landed the company in the market whiplash.

 

[Casper Gutman]

Did Iger start the sacrifice everything strategy? Or Chapek?

Chapek was promoted before D+ was 90 days old. It wasn’t really until late 2020 that the movies started being shunted directly, Soul on Christmas Day being the first.

In my mind Iger designed a lean HBO esque service with one prestige show a few times a year. Chapek took it down the Netflix competitor route when it was more successful than expected. I’d argue neither was right. But the overcall is really what landed the company in the market whiplash.

The whole streaming saga is what makes the Egan-Jones so grating and foolish. Until the last year or so, when Wall Street chirped about the entertainment industry “preparing for the future,” they meant going all in on streaming and abandoning traditional outlets. The financial sector shoved the entertainment industry into the deep end of streaming with no real insight or thought of the consequences. It was foreseeably stupid, a fad. Now that the problems with streaming are clear to even the biggest idiots, the same millionaires have moved onto the next trend and are punishing companies like Disney for doing what they demanded. They have the power to force unwise behavior on companies and bare no responsibility for the consequences.

If you asked the folks who wrote this what “preparing for the future” meant, I guarantee you’d get some garbage about AI - remember, the geniuses at Blackwell proposed converting Disney into a tech company, relying on AI to create new characters and films.

 

[TalkingHead]

Notable excerpt from article:


What does Disney have to do to be ready 'for the next decade'?

Iger was ahead of all other studios in going all in on streaming seeing the inevitable death of linear/cable.

He's moving ESPN and sports to streaming and joint ventures to assure it's continuing income.

The studios are innovating SFX with The Volume and Unreal Engine. ILM continues to be on the forefront of SFX.

Disney is working with Epic games to get back into the digital gaming game.

RotR and GotG (regardless of how one feels about the setting) show continuing theme park innovation.

Just about all interaction with the theme parks can be done on a smart phone on the fly.

They're growing their cruise line business.

They partnered with Apple to get a foot in the door with AR/VR.


So, what *isn't* Disney doing that they should be doing to be ready for the next decade?

Sounds like an AI wrote their statement.

Valid question, and I wondered what they had in mind as well.

Disney/Iger has touted their franchises as the bedrock of the company’s entertainment strength. He says this on nearly every earnings call of late. New Star Wars content, new Marvel content, new animation sequels, synergy in the parks and so on.

But maybe there are financial observers who are concerned the franchises Disney has aren’t as lucrative as they once were due to shifting public tastes, streaming, etc? Maybe there’s a perception Disney has a problem generating new entertainment offerings that will become as popular as the ones of the 2010s.

Could be a live by the franchise, die by the franchise mentality.

 

[Casper Gutman]

Valid question, and I wondered what they had in mind as well.

Disney/Iger has touted their franchises as the bedrock of the company’s entertainment strength. He says this on nearly every earnings call of late. New Star Wars content, new Marvel content, new animation sequels, synergy in the parks and so on.

But maybe there are financial observers who are concerned the franchises Disney has aren’t as lucrative as they once were due to shifting public tastes, streaming, etc? Maybe there’s a perception Disney has a problem generating new entertainment offerings that will become as popular as the ones of the 2010s.

Could be a live by the franchise, die by the franchise mentality.

Cool.

What studios are not reliant on franchises? What audiences are flocking to non-IP films?

Twisters, Gladiator 2, Kung Fu Panda 4, Bad Guys 2, Bad Boys: Ride or Die, Despicable Me 4, M3GAN 2.0, Black Phone 2, Fast X: Part 2, Ghostbusters: Frozen Empire, Jurassic World relaunch, How to Train Your Dragon, Super Mario 2, Superman, Joker:Folie a Deux, Furiosa: A Mad Max Saga, The Strangers 3, 4, and 5, Beetlejuice Beetlejuice, Lord of the Rings: War of the Rohirrim, The Cat in the Hat, The Batman 2, A Quiet Place: Day One, Beverley Hills Cop: Axel F, Transformers One, Smile 2, Sonic the Hedgehog 3, The Smurfs, Naked Gun, Mission: Impossible 8, Last Airbender, The SpongeBob Movie: Search for SquarePants, Paw Patrol 2, Teenage Mutant Ninja Turtles: Mutant Mayhem 2, The Garfield Movie, Kraven the Hunter, Venom: The Last Dance, Karate Kid 6, Paddington in Peru…

But yes, Wall Street is well known for encouraging artistic risks.

 

[Brian]

Cool.

What studios are not reliant on franchises? What audiences are flocking to non-IP films?

Twisters, Gladiator 2, Kung Fu Panda 4, Bad Guys 2, Bad Boys: Ride or Die, Despicable Me 4, M3GAN 2.0, Black Phone 2, Fast X: Part 2, Ghostbusters: Frozen Empire, Jurassic World relaunch, How to Train Your Dragon, Super Mario 2, Superman, Joker:Folie a Deux, Furiosa: A Mad Max Saga, The Strangers 3, 4, and 5, Beetlejuice Beetlejuice, Lord of the Rings: War of the Rohirrim, The Cat in the Hat, The Batman 2, A Quiet Place: Day One, Beverley Hills Cop: Axel F, Transformers One, Smile 2, Sonic the Hedgehog 3, The Smurfs, Naked Gun, Mission: Impossible 8, Last Airbender, The SpongeBob Movie: Search for SquarePants, Paw Patrol 2, Teenage Mutant Ninja Turtles: Mutant Mayhem 2, The Garfield Movie, Kraven the Hunter, Venom: The Last Dance, Karate Kid 6, Paddington in Peru…

But yes, Wall Street is well known for encouraging artistic risks.

You seem rather confident in the company. How much DIS stock have you bought in the last two years?

 

[EPCOT-O.G.]

You seem rather confident in the company. How much DIS stock have you bought in the last two years?

Who cares what a highly-regarded proxy advisory firm and nationally recognized statistical rating organization says about the corporate governance of TWDC - a few people on here are big mad!

 

[Casper Gutman]

Who cares what a highly-regarded proxy advisory firm and nationally recognized statistical rating organization says about the corporate governance of TWDC - a few people on here are big mad!

But surely, by the logic of many in this thread, that means they were bribed?

I would never buy stock in an entertainment company whose output I enjoy since the things deemed “good” for the stock by modern American corporate culture - slashing costs, buying stock back, increasing dividends, reducing staff, eliminating risk, diminishing product quality, demanding clear ROI, raising prices, etc. - is bad for what I enjoy. I’d be rooting against myself. This is especially true in relation to a business Wall Street hates, theme parks.