May the Cowboy and Cowgirl in you fit well.
dad
Letter to Disney Shareholders…from Chairman of the Board, Mark G. Parker…
I want to thank you for your investment in The Walt Disney Company. Fiscal 2023 was a consequential year for the Company.
It reinforced, after 100 years, the enduring impact Disney continues to have on generations of people around the world. And it also showcased the Company’s tremendous resilience and fortitude in times of great change and uncertainty.
Upon his return as CEO, Bob Iger and his leadership team initiated a strategic transformation of the Company to make Disney’s businesses more efficient and effective, reinvigorate the creative engines that are foundational to all the company does, maximize Disney’s greatest brand and franchise assets and confront this period of significant industry disruption from a position of unrivaled strength. Disney’s world-class management team has made substantial progress executing on this strategic plan, and your Board is confident that they have put Disney on a path to sustained growth, both for the business itself and for shareholders.
We believe Bob’s continued leadership during this crucial period for Disney is invaluable and we are grateful for his whole-hearted devotion to the Company’s lasting success, which is why the Board voted unanimously to extend his contract through the end of 2026. Bob’s strong creative instincts and business acumen, enthusiasm for technological innovation and understanding of ever-changing global markets have solidified The Walt Disney Company as the world leader in entertainment. And he has proven again this year his ability to steer the Company toward shareholder value creation.
Meanwhile, both the Board and Bob remain actively engaged in the high-priority work of succession planning, and we’re pleased by the addition of two new Board members with outstanding experience in this area who are widely respected leaders in their industries.
James Gorman’s highly successful tenure leading Morgan Stanley through its own business transformation, along with his finance and investment acumen, management expertise and leadership of a very successful multi-year CEO succession process, bring unique and relevant skills to our Board. Jeremy Darroch is a veteran media executive with demonstrated success transforming an international media business and navigating the same changing media and entertainment landscapes that Disney is managing, and his expertise is highly additive to our Board.
The Disney Board is composed of an engaged, diverse and dynamic group of leaders, whose skillsets are closely aligned with the key drivers of our business, including media and entertainment; direct-to-consumer expertise; strategic transformation; technology and innovation; and 360 degree brand activation. We remain committed to strong oversight for the company and its shareholders, as well as Board refreshment and aligning Board skills and experiences with our strategic priorities to continue driving the company’s strategic transformation.
The Board and senior management are dedicated to driving sustained, long-term profitability as Disney continues to consistently deliver for shareholders and consumers alike. Notably, this year the company improved its cash flows and declared a dividend, while continuing to invest in the future growth of Disney’s industry-leading businesses. And we believe that, over time, investors will recognize the value of the company’s businesses and strategy as Disney completes its transformation.
Ongoing engagement with our shareholders and responsiveness to feedback are also of the utmost importance to the Board and management team. In calendar 2023, the Company contacted 96% of its largest 25 shareholders and held nearly 100 conversations with investors focused on topics including the ongoing leadership succession process, strategic composition of our Board and Committee-level oversight responsibilities, alignment of our executive compensation program with Company performance and our efforts to support sustainability and social impact initiatives. A more detailed review of these topics and the enhancements that the Board has approved to relevant initiatives and disclosures as informed by shareholders can be found in the section of the proxy statement titled “Proxy Summary — Shareholder Engagement and Responsiveness.”
The accompanying Notice of Annual Meeting of Shareholders and Proxy Statement describe the business to be conducted at the Disney 2024 Annual Meeting of Shareholders (the “Annual Meeting”). Also included are a WHITE proxy card and postage-paid return envelope. WHITE proxy cards are being solicited on behalf of the Board of Directors of The Walt Disney Company.
Your vote is especially important at this year’s Annual Meeting. As you may have seen, Trian Partners L.P. and Trian Partners Parallel Fund I, L.P., wholly owned subsidiaries of Trian Fund Management, L.P., along with other entities affiliated with Nelson Peltz and
• • • • •
This website is about our WORK. To ponder today’s post about our HOME, click here.
