The activist firm Trian on Thursday began sending messages to Disney shareholders asking them to withhold votes for Froman, and to vote for Peltz instead, while pivoting their messaging to target Disney's board.
“As the owners of this great company, we must act,” the letter continues. “The current Disney directors wake up with challenging day jobs: building cars, selling clothing, processing credit card transactions, sequencing genes. All important things. But these accomplished directors are busy and we believe they cannot possibly focus sufficiently on Disney to ensure that 2023 and 2024 are nothing like 2022. If they could, 2022 would not have been like 2022.
Of course, Trian’s letter does not note that the declines Disney saw in its share price were mirrored across most of the entertainment industry last year, and that the decision to cancel the dividend came amid the pandemic, when several of the company’s key business lines ground to a halt. As for why Trian targeted Froman, it remains unclear, though he is one of Disney’s longer-serving directors, having joined in 2018. The only directors to serve longer are GM CEO Mary Barra, Nike chairman Mark Parker, and finance executive Maria Elena Lagomasino. That being said, Froman is also less of a household name than Barra or Parker, potentially making him a more appealing target .
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