DIS - Disney Epic: Activist Shareholders Prepare For Boardroom Blitz | Benzinga
On April 3, Walt Disney Company (NYSE:DIS) shareholders will vote for their board selections in the culmination of one of the most bitter, expensive shareholder fights in history.
Slugging it out against the media giant are two activist hedge funds who are making separate bids to have their representatives win seats on the Disney board.
At the heart of the battle is Disney’s poor performance over the last three years. The share price has nearly halved from its 2021 peak of $203 and, although the stock has performed well since the company’s forecast-beating fourth-quarter results Feb. 7, the activists believe Disney needs a new strategy.
Let’s examine who’s involved and the stakes at play:
Who Are The Main Players?
In the Disney camp is Bob Iger, the company’s veteran CEO who was recalled from retirement to the top slot just over a year ago, replacing the short tenure of Bob Chapek.
Once regarded as one of the best corporate leaders of all time, Iger vowed to stop the rot in the share price, turn around unprofitable areas of the business and regain the company’s reputation ...