🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

Walt Disney turns down Trian request for Board representation - activist investor to take case directly to shareholders

Published 12/01/2023, 12:44 AM
© Reuters.
DIS
-

Activist investor Trian Fund Management said Thursday that Walt Disney (DIS) has turned down their request for Board representation.

Trian owns approximately $3 billion worth of Walt Disney Company (NYSE:DIS) shares. It revealed that following conversations with Disney's CEO, the company extended an offer to Trian to meet with the Board, however, it turned down the board representation request, which included a representative from Trian.

Earlier this month, reports stated that Trian will likely nominate three or four directors to the Disney board.

"Since we gave Disney the opportunity to prove it could 'right the ship' last February, up to our re-engagement weeks ago, shareholders lost ~$70 billion of value," said Trian in its statement. The activist investor said investor confidence in the company is low, and "key strategic questions loom."

The latest statement from Trian follows the appointment of James P. Gorman, chairman and CEO of Morgan Stanley, and veteran media executive Jeremy Darroch as new directors.

"While James Gorman and Sir Jeremy Darroch represent an improvement Disney's status quo, the addition of these directors will not, in our view, restore investor confidence or address the root cause behind the significant value destruction and missteps that this Board has overseen. Trian intends to take our case for change directly to shareholders," Trian added.

Earlier in the session, it was reported that Trian is now seeking two seats on the DIS board.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.