The CEO of JPMorgan Chase, Jamie Dimon, has backed Disney CEO Bob Iger in the ongoing proxy fight between Disney and Nelson Peltz’s Trian Partners. In a statement released to CNBC, Dimon endorsed Iger’s plans and efforts and warns of the risks that come from the efforts of Nelson Peltz and others.
“Bob is a first-class executive and outstanding leader who I’ve known for decades. He knows the media and entertainment business cold and has the successful track record to prove it. It’s a complicated industry filled with creative talent, requiring the unique expertise and engagement skills that Bob possesses. Putting people on a Board unnecessarily can harm a company. I don’t know why shareholders would take that risk, especially given the significant progress the company has made since Bob came back.”
JPMorgan Chase CEO Jamie Dimon
The statement comes after the proxy fight recently escalated. Nelson Peltz and his Trian Partners released a 133-page white paper where he outlined his demands for Disney to restructure its leadership, overhaul Disney’s linear television channels, and also achieve Netflix like margins of 15% to 20% by 2027 with its streaming services. Some of these demands are already being implemented by Disney. Nelson Peltz and Trian Partners would also like to see both Peltz and former Disney executive Jay Rasulo placed on Disney’s Board of Directors.
Following the release of the white paper, Disney released a video warning of the dangers of Nelson Peltz and Jay Rasulo. Disney argues that their approach would be “disruptive and destructive.” Disney also recently reported a very strong quarter that showed the company heading in the right direction. However, Peltz and company were not assuaged.
This proxy fight will ultimately be determined by shareholders when they vote for Disney’s Board of Directors for this year’s annual shareholder meeting for The Walt Disney Company. This year’s annual shareholder meeting will be taking place virtually on April 3, 2024 at 10:00 AM PT.
