For Disney, Small Shareholders Loom Large in Boardroom Fight
Summary
But the entertainment company, which has 1.8 billion shares outstanding, has nonetheless barraged him for months with political-style campaign materials (letters, email, social media ads) that urge him to elect certain people to its board. “In the retail market, a lot of individuals don’t feel comfortable investing in companies they’ve never heard of,” said David Reibstein, a professor at the Wharton School at the University of Pennsylvania. He is backed by Ike Perlmutter, the disgruntled former chairman of Marvel Entertainment, and aligned with Jay Rasulo, a former Disney executive who was passed over for the top job in 2015 and resigned. Two weeks ago, an influential proxy firm, ISS, partly sided with Mr. Peltz, recommending that shareholders elect him to the board and advising against adding Mr. Rasulo. “Do not vote for the Trian Group or Blackwells’ nominees.” Mr. Peltz responded with a letter to Disney shareholders that included a cartoon showing bored and haggard board members and a messy bowl of noodles.