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News on Medial
Egan-Jones backs activist Peltz for Disney's board as proxy battle rages
Reuters
·
1y ago
Medial
Proxy advisory firm Egan-Jones has joined Institutional Shareholder Services in supporting activist investor Nelson Peltz's bid for board seats at Walt Disney. Peltz's asset management firm, Trian Group, has criticized Disney's business model, calling it outdated and lacking flexibility. Shareholders will vote on the matter on 3 April, with Trian seeking two board seats and fellow activist firm Blackwells Capital pushing for three. Peltz has received support from major names such as Laurene Powell Jobs and George Lucas, while Disney and Egan-Jones have yet to comment on the matter.
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Disney to start cracking down on password-sharing from June, CEO Bob Iger says
Economic Times
·
1y ago
Medial
Disney CEO Bob Iger announced that the company's streaming service will crack down on password-sharing starting in June, in an effort to boost subscriber growth and profitability. In addition, Iger expressed the need for consolidation in the streaming industry and revealed Disney's goal of achieving double-digit margins in streaming. These statements were made in an interview with CNBC, following a successful proxy vote where Disney investors supported Iger and the board of directors, despite criticisms from activist investors such as Nelson Peltz. Iger also dismissed criticism from Elon Musk, who had backed Peltz in the proxy battle.
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Disney’s new CFO brings experience to company’s activist investor battle
Livemint
·
1y ago
Medial
Disney has named Hugh Johnston, former CFO of PepsiCo, as its new chief financial officer. Johnston joins Disney as the company faces pressure from activist investor Nelson Peltz, whose firm, Trian Fund Management, has built a sizable stake in Disney and is threatening a proxy battle. During Johnston's tenure at PepsiCo, the company successfully defended against an attack by Peltz. Deal making, particularly in relation to partnerships for ESPN and negotiations with Comcast's NBCUniversal over Hulu, will be a key focus for Johnston in his new role.
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Disney to start cracking down on password-sharing from June, CEO Iger says
Reuters
·
1y ago
Medial
Walt Disney's streaming service is set to crack down on password-sharing starting from June, according to CEO Bob Iger. The move aims to boost subscriber growth and profitability. Iger also mentioned the need for consolidation in the streaming industry and projected double-digit margins for Disney's streaming business. This news follows a successful vote of confidence from Disney investors against activist investors, including Nelson Peltz. Iger dismissed criticism from Elon Musk, who supported the activist investors, stating that he ignores it.
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Starbucks Labor Group Plans Board Fight
Livemint
·
1y ago
Medial
A labor group, the Strategic Organizing Center, is seeking representation on the Starbucks board in an ongoing battle over pay and working conditions. The group, backed by labor unions such as the Service Employees International Union, has nominated three director candidates. The coalition argues that Starbucks' resistance to unionization efforts has exposed the company to legal and financial risks. The success of this proxy battle will likely depend on the support of major index funds and proxy advisors.
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Disney Family Rebukes Nelson Peltz, Praises Bob Iger in Shareholder Letters
Livemint
·
1y ago
Medial
The descendants of Walt Disney and his late brother, Roy O. Disney, wrote letters in support of Disney and its CEO Bob Iger, in response to activist investor Nelson Peltz's attempts to gain seats on the company's board. The letters, signed by Roy P. Disney, Susan Disney Lord, Abigail E. Disney, and Tim Disney, criticized Peltz and other activists as potential threats to the company's success. The Disney family's support of Iger is seen as significant given their historical influence in the company. The letters may sway shareholder votes as the annual meeting approaches.
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IFC checks out of Religare as battle for control rages
Livemint
·
1y ago
Medial
The International Finance Corporation (IFC) has sold its 2.42% stake in Religare Enterprises, ending its 12-year engagement with the company. The buyer of the shares is unclear, but it is speculated that the Burman family, which recently increased its stake to 25.18%, may have acquired them. IFC's stake sale coincides with the ongoing battle for control between the Burmans and the management of Religare. IFC's divestment comes as the company's board tries to prevent the Burmans from taking control of Religare. The open offer made by the Burman family is awaiting regulatory approval.
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Bob Iger has one really, really important thing left to do
Business Insider
·
1y ago
Medial
After winning a proxy battle against Nelson Peltz and Trian Partners fund, Disney CEO Bob Iger is focused on continuing to improve the company. He has already taken various steps to address investors' concerns, including cost-cutting measures, turning streaming into a profitable venture, and exploring new growth opportunities. Wall Street has responded positively to these efforts, with Disney stock rising 35% this year. However, the ongoing challenge is finding a suitable replacement for Iger when he steps down in 2026. While internal candidates are being considered, it remains uncertain when an announcement will be made. Ultimately, the success of Iger's turnaround efforts and the investor's patience will only be known in the future.
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Match appoints two board directors after talks with activist investor Elliott Management
TechCrunch
·
1y ago
Medial
Match Group, the parent company of Tinder, has added two new members to its board of directors and entered into an agreement with activist investor Elliott Management. The new board members are Laura Jones, Chief Marketing Officer at Instacart, and Spencer Rascoff, co-founder of Zillow. The appointments come after a dialogue with Elliott Management, which recently acquired a significant stake in Match Group. The company, which has seen a decline in paying users, aims to leverage the expertise and perspectives of the new board members to drive future growth.
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Proxy advisors call for Rashmi Saluja's ouster from Religare; co backs her
Livemint
·
7m ago
Medial
Proxy advisory firms InGovern and Institutional Investor Advisory Services (IIAS) have recommended that Religare Enterprises investors vote against re-appointing chairperson Rashmi Saluja to the company's board. They cite ongoing disputes and litigation involving Saluja, concerns over her compensation, and the issuance of stock options to her despite regulatory denial. Shareholders will vote on Saluja's future at the annual general meeting on December 31, 2024. Religare has defended Saluja and stated that the attempts to question her motives come after the company's significant success and are tied to pending legal cases involving the Burman family.
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Disney names James Gorman to serve as next chairman; anticipates naming new CEO in early 2026
Money Control
·
9m ago
Medial
Morgan Stanley executive James Gorman has been chosen as the next chairman of The Walt Disney Co, starting in January 2025. He will be succeeding Mark Parker, who has served on Disney's board for nine years. Gorman is currently the chair of Disney's succession planning committee and will step down as executive chairman of Morgan Stanley at the end of this year. Gorman previously served as Morgan Stanley's CEO from 2010 to 2023 and chairman from 2012 to 2023. Disney is expected to name its new CEO in early 2026.
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