Disney has sent a video to preferred shareholders in which Ludwig Von Drake assists in telling shareholders how to vote. The video is cute, entertaining, and informative. It also arrives as Disney is fending off proxy battles with Trian Partners and Blackwells Capital. It comes ahead of the April 3 annual shareholder meeting. It also encourages shareholders to vote before this date.
Throughout the video, the narrator and Ludwig Von Drake provide guidance on how to vote and also who to vote for. The Disney duo make it quite clear that using the white proxy card is the preferred way of voting. The video also makes it quite clear that it is preferred that shareholders vote for the Disney slate for the board of directors and not Trian Partners or Blackwells Capital. “Remember, it’s important you vote only for Disney’s 12 nominees using the white proxy card. Do not vote for the Trian Partners or Blackwells’ nominees,” the video shares. “Voting this year is critical, no matter how many or how few shares you may own.”
It suggests throwing away blue or green cards and encourages shareholders again to not vote for the Trian Partners or Blackwells Capital nominees for the board of directors. The voting must happen before 11:59 PM on April 2, 2024. Disney encourages shareholders to vote as soon as possible. This video is an indication of how seriously they are taking the proxy battle threat that is coming from Nelson Peltz and his Trian Partners along with Blackwells Capital.
Nelson Peltz and his Trian Partners have nominated himself and former Disney CFO Jay Rasulo to be board members at Disney. Blackwells Capital have also put forward nominees. Disney argues that Peltz has not come forward with any strategic ideas through the course of multiple meetings with Disney. He simply is pushing for the company to get Netflix-like results by 2027, have a CEO succession plan, and other requests. These demands have not been accompanied with suggestions on how to make this happen at this point. Disney has put out a statement arguing why all of the nominees that aren’t Disney backed should be voted against.
Professor Ludwig Von Drake first appeared in 1961 on Walt Disney’s Wonderful World of Color. He is an expert in many fields including psychology, science, and history. He is Donald Duck’s Uncle, and sister of Della Duck. He was designed by Disney Legend Carl Barks and also appeared in classic Donald Duck comic book stories. As time went by, he appeared on House of Mouse, Raw Toonage, and recently Ducktales. He also has appeared at special events in the Disney theme parks.
Trian Partners, under the leadership of Nelson Peltz, is asking shareholders to withhold votes for Michael B.G. Froman and Maria Elena Lagomasino to instead vote for Peltz and Rasulo. Blackwells Capital want shareholders to withhold votes from ALL Disney nominees and Trian Partners nominees and instead vote for its three nominees: Craig Hatkoff, Jessica Schell and Leah Solivan
How this all plays out will be interesting to watch as the future of Bob Iger’s strategy that was implemented last year will be at stake. This could mean the future of Disney itself. Bob Iger has taken an approach of simplify the structure of the company and make quality investments as opposed to focusing on quantity. He also is working to move the company into an era of profitable streaming services. If Trian or Blackwells are successful with their nominees, this strategy could be upended.
Daps Magic will be covering the annual shareholder meeting on April 3, 2024. Be sure to subscribe to the Daps Magic newsletter so as to not miss any Disney and positive stuff updates. What do you think should happen with the nominees for The Walt Disney Company’s board of directors? Should it continue to be the Disney-backed group or should the Trian Partners or Blackwells Capital nominees be put on the board as well? Share your thoughts, opinions, and predictions in the comments below!
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