DIS - Disney CEO Bob Iger Rejects Activist Shareholder's Board Picks On Potential $7.5B Savings | Benzinga
In a recent development, Walt Disney Co. (NYSE:DIS) has publicly dismissed the board nominees of activist shareholders. The company’s CEO, Bob Iger, has communicated this decision in a preliminary proxy filing with the Securities and Exchange Commission.
What Happened: In a letter to investors, Iger outlined the company’s significant changes and cost-efficiency measures, as reported by Reuters on Tuesday. Disney is on track to achieve approximately $7.5 billion in cost reductions, a figure $2 billion higher than its initial target.
The company has prioritized making its streaming business profitable, transforming ESPN into a leading digital platform, enhancing the output and economics of its film studios, and accelerating growth at its theme parks.
Despite these efforts, Disney is facing challenges in its streaming and traditional television businesses, as well as at the movie box office. It is also dealing with a legal battle with Florida Governor Ron DeSantis and planning for a CEO succession.
Why It Matters: Disney’s board voted earlier ...