Bob Iger Loses Support of Major Shareholder Before Disney Vote – Inside the Magic
Walt Disney Company CEO Bob Iger lost the support of a major public figure.
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As the proxy battle between Disney and Trian Partners founder Nelson Peltz continues, more public figures are throwing their hat into the ring. Despite criticisms, several members of the Walt Disney family sent public support toward CEO Bob Iger, who is being attacked by former Disney chief Jay Rasulo and Nelson Peltz, who spearheaded the Restore The Magic campaign that seeks to oust Iger.
Both Peltz and Rasulo are convinced Bob Iger is detrimental to The Walt Disney Company and that spending and budgeting need to be totally reworked. Rasulo has continuously blasted his former employer, calling Disney “broken” and creatively bankrupt. Rasulo believes that Iger is leading Disney in the wrong direction and that the focus needs to shift from movies and entertainment back to theme parks.
In 2023, The Walt Disney Company pledged to spend a whopping $60 billion on its theme parks, but this does not seem enough for Rauslo, Peltz, and Restore The Magic.
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Shareholders have come out in support of Bob Iger, with many planning on voting for him at the next meeting. However, Iger has come under public scrutiny during his very brief return as CEO, with the Disney veteran losing support from a famous and influential analyst.
Mad Money star and financial analyst Jim Cramer, a shareholder of The Walt Disney Company, stated that he would be voting to put Nelson Peltz on the board, going directly against Bob Iger, according to CNBC.
“We’re going to vote the blue card,” Jim said during the second annual Club meeting in New York City. This essentially means that he plans on voting Nelson Peltz and Jay Rasulo through to the Disney board. Cramer states that The Walt Disney Company is not being run or managed correctly, and there are huge opportunities for improvement, both in management and overall financials.
The Walt Disney Company is urging shareholders to cast the white proxy card.
“This company is just not being run properly. The board oversight is awful,” stated Cramer
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Cramer stated that while he respects the current board members, there”s something critically lacking. “Collectively, in that boardroom, they’re just not that impressive. This is a board that owns very little stock.” Cramer also argued that Disney does not have as much leverage as Peltz, who represents the biggest collection of Disney shares, a sum worth around $3 billion.
Cramer alluded to Disney”s issues with its streaming service Disney+, which has yet to become profitable for the company. Iger has made turning Disney+ into a streaming powerhouse a top priority, and while the service remains one of the most popular, it pales in comparison to industry veterans like Netflix.
“It is ridiculous to me that Netflix has crushed Disney,” stated Cramer.
The annual Disney shareholder meeting will be held on April 3, 2024, with the upcoming meeting set to be one of the most intense and important meetings of the last several years.
Stay tuned here for more updates on this developing story.
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