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Statement by Walt Disney Co.’s Largest Individual Shareholder Ike Perlmutter on Ending His Working Relationship with Company
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Positive)
Tags
Rhea-AI Summary
Ike Perlmutter, the largest individual shareholder of The Walt Disney Co. (NYSE: DIS), announced the end of his working relationship with the company as of March 29, 2023. In his statement, he expressed disappointment over the lack of support for efforts to improve Disney's business operations, particularly in restoring dividends and addressing the company's cost structure. Perlmutter advocated for Trian's Nelson Peltz to join Disney's board, citing his proven track record in enhancing shareholder returns. Acknowledging his long ties to Disney, stemming from his introduction of the profitable Marvel brand in 2009, Perlmutter emphasized his commitment to advocating for the company’s financial health and long-term success, despite his departure.
Positive
Perlmutter's advocacy for fiscal discipline and efficiency improvements.
His continued support for shareholder value initiatives, such as restoring dividends.
Negative
Dissatisfaction with Disney's board for not welcoming Nelson Peltz, which could have improved shareholder returns.
Ongoing issues with falling shareholder equity.
LOS ANGELES--(BUSINESS WIRE)--
The following is a statement by Ike Perlmutter, former Chairman of Marvel Entertainment and the largest individual shareholder of The Walt Disney Co. (NYSE: DIS) explaining the reason he believes he ended his working relationship with the company on March 29, 2023.
“I have long expected that my working relationship with Disney would end. That it should come as a result of my trying to help Disney improve its business should sadden many shareholders as it does me, the company’s largest individual shareholder. Despite my employment termination, I will continue to hold my shares of Disney and continue to seek improvements at the company for the benefit of all stakeholders.
“Anyone who knows me is well aware of my fixation on fiscal discipline to improve efficiency. It is that approach to Disney's operations that has formed my support for Trian, in seeking to restore the dividend, fix the company's inflated cost structure, and ensure a successful CEO succession. Trian CEO Nelson Peltz has a long history of improving shareholder returns at many leading consumer businesses. I believe he could have done the same for Disney as a member of its board. It’s a disappointment for me and I believe many fellow shareholders that he wasn’t welcomed to the board and that it took the threat of a proxy contest for the board and management to begin to act.
“My ties to Disney are deep and extend more than 30 years. The Marvel brand which I brought to the company in 2009 is now one of the strongest and most profitable business units in the company, as well as one of the best-known entertainment franchises in the world.
“I wish only the very best for Disney stakeholders – its employees around the world, its millions of devoted fans and customers, its brilliant creators and contributors, and its many shareholders, like me. I will continue to advocate for actions that secure Disney’s long-term financial health and allow a new generation of management to reverse the trend of falling shareholder equity and return the dividend to its prior level.”
Why did Ike Perlmutter end his working relationship with Disney?
Ike Perlmutter ended his relationship with Disney on March 29, 2023, due to his disappointment over the company's lack of support for efforts to improve its business operations.
What are Ike Perlmutter's concerns about Disney's financial health?
Ike Perlmutter expressed concerns about Disney's inflated cost structure and falling shareholder equity, advocating for fiscal discipline and restoring dividends.
Who is Nelson Peltz and what was his role related to Disney?
Nelson Peltz is the CEO of Trian and was proposed to join Disney's board to help improve shareholder returns, but he was not welcomed without a proxy contest.
What impact did the end of Perlmutter's relationship with Disney have on shareholders?
The end of Ike Perlmutter's relationship with Disney raises concerns for shareholders about ongoing financial discipline and management effectiveness.
What is the significance of the Marvel brand to Disney?
The Marvel brand, introduced by Perlmutter in 2009, is now one of Disney's most profitable units and a key entertainment franchise.
