JPM - Jamie Dimon backs Bob Iger as Disney CEO

2024-03-13 11:00:46 ET

Walt Disney Co (NYSE: DIS) is in the green at writing after Jamie Dimon of JPMorgan Chase & Co (NYSE: JPM) endorsed Bob Iger as chief executive of the entertainment conglomerate.

Disney is in a proxy battle with Trian Partners

Iger has been in a proxy battle with Nelson Peltz of Trian Partners for months.

Peltz is disappointed in Disney’s leadership and is seeking to be nominated on its board. Still, Jamie Dimon – the chief executive of told CNBC’s David Faber today:

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.

Note that JPMorgan has a history of advising on defensive issues but Dimon himself rarely ever comments on proxy battles.

Disney reported a strong Q1 last month

Dimon talked of the “harm” that “unnecessarily” adding new members to the board could bring to a company on Wednesday.

He’s convinced that Disney has made “significant progress” ever since Bob Iger returned as its chief executive and, therefore, does not see a need for leadership change at the mass media giant.

Last month, raised dividend after reporting better-than-expected financial results for the first quarter as its direct-to-consumer segment loss narrowed further.

Also recently, the New York listed firm merged its Indian media business with Reliance Industries as Invezz reported here . Wall Street currently has a consensus “overweight” rating on shares of the Walt Disney Co.

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