Disney Responds To Trian’s Nomination of Nelson Peltz and Jay Rasulo For Board Seats
The Walt Disney Company has responded to Nelson Peltz’s announcement that he will seek two seats on the company’s board. In addition to a seat for himself, Peltz’s Trian Management will also be nominating former Disney CFO Jay Rasulo.
Bob Iger and the Disney board have long opposed giving Peltz a seat, and the company has been quick to point out that his latest gambit is being funded by $2 billion in Disney stock from former Marvel head and longtime Iger antagonist Ike Perlmutter.
Ike Perlmutter. Photo: AP
Disney’s Statement Was Measured
Following Peltz’s announcement today, Disney released a statement of their own, highlighting the strengths of the current Disney board.
“Disney has an experienced, diverse, and highly qualified Board that is focused on the long-term performance of the Company, strategic growth initiatives including the ongoing transformation of its businesses, the succession planning process, and increasing shareholder value.”
Nelson Peltz. Photo: CNBC
Interestingly, as opposed to previous company statements, which have attacked the credibility of both Peltz and Perlmutter, the latest press release took a more measured tone.
Photo: Getty Images
“The Governance and Nominating Committee, which evaluates director nominations, will review the proposed Trian nominees and provide a recommendation to the Board as part of its governance process,” the company said.
Rasulo Is The Wild Card
Nominating Rasulo for the board is an interesting gambit by Peltz.
The longtime Disney executive and former CFO left the company after he was passed over for the COO job. That title would eventually go to Tom Staggs.
Photo: Variety
During his Disney career, Rasulo served as director of Strategic Planning and Development, senior vice president of corporate alliances, and chairman of Walt Disney Parks and Resorts. He also helped the company acquire Maker Studio, which turned out to be a disastrous deal.
Credit: Disney
“Jay has been a valued colleague and friend, as well as a vital contributor to Disney’s success, particularly in his roles as chief financial officer and chairman of our Parks and Resorts division,” Iger said following Rasulo’s departure. “I look forward to working with him in this new advisory role, where his strategic acumen and savvy insight will continue to benefit the company.”
Perlmutter Wanted Rasulo To Succeed Iger
While his relationship with Disney has seemingly remained cordial, Rasulo had previously been Perlmutter’s choice to succeed Iger as CEO.
Now, the former Disney executive will once again look to gain power at the company, this time as an outsider.
Photo: AP Photo/Disney, HO
“The Disney I know and love has lost its way,” said Rasulo in a statement. “As independent voices in the boardroom, Nelson and I are confident that the combination of my decades of experience at Disney, Nelson’s significant boardroom skills and history of driving positive strategic change, and our combined consumer brands expertise and financial acumen, will be additive to the Disney Board.”
Nelson Peltz
How strongly Disney will oppose Rasulo’s addition to the board remains to be seen. What is clear, however, is that Peltz and Perlmutter are pushing their chips all in.
