In a Move to Stop Nelson Peltz, Blackwells Capital Will Nominate Three Members To the Disney Board
In a press release today, The Walt Disney Company confirmed that Blackwells Capital LLC has provided notice of its intent to nominate three individuals for election to the Disney Board of Directors at the 2024 Annual Meeting of Shareholders.
Without commenting specifically on Blackwells’ announcement, Disney stated that The Governance and Nominating Committee will “review the proposed Blackwells nominees and provide a recommendation to the Board as part of its governance process.”
Blackwells Has Long Supported Disney Against Peltz
Unlike Nelson Peltz and his Trian Management, which have been openly antagonistic towards Disney CEO Bob Iger and the current Disney Board, Blackwells has publicly supported the company.
In fact, it was Blackwells who called on Trian last November to “end its misguided and ego-driven campaign to seek board representation at Disney.”
“Disney has one of the most attractive portfolios of beloved brands and businesses. The combined stewardship of the refreshed Board and the leadership of Mr. Iger, offer Disney shareholders the best opportunity to surface value. Mr. Peltz and Trian need to withdraw this costly and disruptive effort to displace experienced voices in the boardroom and substitute them with Mr. Peltz and his nominees,” Jason Aintabi, Chief Investment Officer at Blackwells, opined.
Another Ally For Disney
In opposition to the Peltz candidates for the Disney Board, Blackwells will nominate Jessica Schell, a former Warner Bros. and NBCUniversal executive, Tribeca Film Festival co-founder Craig Hatkoff, and TaskRabbit founder Leah Solivan.
“We call on Mr. Peltz to end his peacocking so that Disney can focus on its bright future, and not be dragged backward in time. Disney’s current leadership is invaluable to its shareholders, and our three exceptional candidates are being nominated along with a business proposal specifying that any incumbent director outvoted by Blackwells’ nominees be immediately added back to the board following the 2024 Annual Meeting,” Aintabi said in a statement.
According to Aintabi, Blackwells’ candidates will “provide shareholders a necessary alternative to what would otherwise be a solipsistic sideshow.”
With Blackwells and ValueAct Capital now firmly supporting the company, Disney appears to be in a strong position to fend off Nelson Peltz. Whether or not it will be enough to vanquish the activist investor once and for all.