With Just Weeks Until Disney’s Annual Meeting, Bob Iger Picks Up Another Key Endorsement
With just over two weeks to go until The Walt Disney Company’s annual meeting, Bob Iger has received yet another endorsement in his proxy battle against Nelson Peltz’s Trian Fund Management and Blackwells Capital.
Over the last couple of weeks, Iger has slowly but surely gained public support from a variety of sources. First, eight grandchildren of Walt and Roy Disney publicly gave Iger and the Disney board a vote of confidence. Then last week JP Morgan Chase CEO Jamie Dimon endorsed Iger, calling the Disney CEO a “first-class executive and outstanding leader.”
(Charley Gallay / Getty Images for Disney)
Glass Lewis Endorses Iger and the Disney Board Candidates
Now, as the battle with Peltz and Blackwells enters the endgame, proxy advisory firm Glass Lewis has urged shareholders to re-elect the Disney board of directors and reject the Trian and Blackwells’ candidates.
In their report, Glass Lewis stated that recent earnings have shown that Disney is making progress and heading in the right direction.
Photo: Glass Lewis
“We believe investors would be best served endorsing the incumbent directors at this time,” the report, seen by Reuters, said.
Among the signs of Disney’s turnaround highlighted by the advisory firm were Disney’s strides toward profitability in streaming, changes at its motion picture studio, and a planned $60 billion investment in Parks over the next decade.
(Photo Illustration by Mateusz Slodkowski/SOPA Images/LightRocket via Getty Images)
Even when Disney’s stock price dropped, Glass Lewis notes, the company did not side idly by.
The Showdown Looms
With another endorsement in tow, Bob Iger will now head into Disney’s Annual Meeting in a position of strength.
Photo: Getty Images
If the Disney CEO can vanquish Peltz and Blackwells he will send a message to fans and Wall Street alike that the Disney turnaround is underway.
