The Walt Disney Company has confirmed that an investment house founded in 2016 by Jason Aintabi, its Chief Investment Officer, and its affiliates has provided a notice of intent to nominate three individuals for election to the company’s board of directors at Disney’s 2024 annual meeting of shareholders.
It adds another layer to the ongoing drama pitting activist investor Nelson Peltz against CEO Bob Iger and his two board nominees.
Blackwells Capital LLC is nominating Jessica Schell, Craig Hatkoff and Leah Solivan for election to join the Disney board.
Schell through May 2023 was EVP/GM of Warner Bros. Home Entertainment and spent more than 8 1/2 years in Burbank, Calif., following a four-year tenure at Universal Pictures. From September 2006-September 2010, Schell was SVP/Strategy for NBCUniversal Digital Media. Importantly, Schell served as a Strategic Planning leader for Disney from July 1996-June 1999, before enrolling in Harvard Business School.
Hatkoff is the co-founder of the Tribeca Film Festival; Solivan is the founder of TaskRabbit, sold to IKEA in 2017.
It is a move signaling the support of Iger, while dismissing Peltz’s efforts.
“Shareholders deserve the opportunity to continue supporting Disney’s turnaround and transformation efforts under the leadership of the current Board and CEO, Robert A. Iger, unbound by Trian Fund Management L.P. and Nelson Peltz’s reprise of a contrived campaign that is disconnected from the needs of Disney stakeholders,” Blackwells shared in a statement released Wednesday.
Disney, in its own statement, reinforced its belief that Disney “has an experienced, diverse, and highly qualified board that is focused on the long-term performance of the company, strategic growth initiatives including the ongoing transformation of its businesses, the succession planning process, and increasing shareholder value.”
With the Blackwells nominees, Disney’s Governance and Nominating Committee, which evaluates director nominations, will commence a review and provide a recommendation to the board as part of its governance process.
With respect to Peltz’s manuvering, Aintabi made it clear that it needs to stop. “We call on Mr. Peltz to end his peacocking so that Disney can focus on its bright future, and not be dragged backward in time,” he implored. “Disney’s current leadership is invaluable to its shareholders, and our three exceptional candidates are being nominated along with a business proposal specifying that any incumbent director outvoted by Blackwells’ nominees be immediately added back to the Board following the 2024 Annual Meeting. This campaign provides shareholders a necessary alternative to what would otherwise be a solipsistic sideshow.”
