FOR IMMEDIATE RELEASE
THE WALT DISNEY COMPANY UNDERSCORES BOARD
STRENGTH AND
FOCUS ON VALUE CREATION, SENDS LETTER TO
SHAREHOLDERS
BURBANK, Calif., February 2, 2023 – The Walt Disney Company
Board of Directors (NYSE:DIS) today responded to materials issued
by the Trian Group. The Disney Board of Directors is focused on
delivering long-term sustainable value and continually works to
ensure it is comprised of the right mix of experience, skills and
perspectives to guide Disney, particularly as it navigates this
dynamic period.
The Disney Board of Directors does not endorse Nelson Peltz
(or his son Matthew, who is running as an alternate Mr. Peltz
may swap in) as a nominee, and believes the election of either
Mr. Peltz or his son would threaten the strategic management
of Disney during a period of important change in the media
landscape.
Inexplicably, Trian seeks to replace Michael Froman, a highly
valued member of the Board with deep background in global trade and
international business, who the Board believes is far better
qualified than either Mr. Peltz or his son to help drive value
for shareholders. Neither Mr. Peltz nor his son offer skills
or experience additive to the Disney Board that replace the
decades-long experience of Mr. Froman.
Mr. Froman’s decades of experience in business and
international affairs are critical to helping Disney assess the
risks and opportunities in an increasingly complex global
marketplace, given its strategic focus on global growth of its
customer base and innovation in changing markets. Mr. Froman
has served as U.S. Trade Representative, where he worked on
trade-related issues to advance the interests of the U.S.
government and American businesses in foreign markets, including on
issues affecting the digital economy, the usage and protection of
data, and intellectual property rights, all of which are critical
to Disney’s business. He served as Assistant to the President of
the United States and as Deputy National Security Advisor for
International Economic Policy, a position held jointly at the
National Security Council and the National Economic Council. He
also served as Chief Executive Officer of CitiInsurance and Chief
Operating Officer of Citigroup’s alternative investments business,
and is currently Vice Chairman and President, Strategic Growth,
Mastercard Inc. He works closely with his fellow members of the
Disney Board to guide the company, providing expert advice on
complex international economic, policy and regulatory affairs to
assist with Disney’s international strategy and operations, among
other matters.
The Company expects to mail its proxy materials, including its
WHITE proxy card, to all shareholders in the near future.
The Disney Board urges shareholders to take no action at the moment
and to simply discard any materials or blue proxy card they may
receive from Trian Group. Shareholders should instead give
themselves the benefit of voting on a fully informed basis, taking
the Board and management team’s important update on its strategy to
create value into consideration.
The Disney Board also mailed a letter to shareholders. The full
text follows.