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Third Party Perspectives1

CEOs & Directors

2021 – Today

Hein Schumacher (CEO from 2023 -Today):

“Nelson is a highly experienced and collaborative Board member who recognizes Unilever’s strengths and has a strong desire to help the company unlock its full potential.”

2020 – Today

Ali Dibadj (CEO from 2023 -Today):

“My relationship with Nelson Peltz and Trian dates back almost 20 years. I have consistently found Nelson and his team to be collaborative partners and have appreciated their insights in navigating our changing industry. They have been supportive of our vision and strategy and have provided a differentiated perspective, which has been invaluable. On topics ranging from operations and strategy to brand and culture, Trian has a firm understanding of what will drive long term value for all shareholders.”

2013 – 2017

Trian developed a strong relationship with DuPont’s management team following a prior proxy contest. Here’s what they had to say:

Ed Breen (CEO from 2015-Today):

“I have the highest regard for Nelson Peltz and Ed Garden. Since becoming CEO of DuPont, I have talked many times with the Trian team and appreciate their insights on strategy and operations, as well as the collaborative and productive manner in which they have engaged with us. Their ability to rigorously analyze opportunities for long-term value maximization has been consistently demonstrated over the years.”

2016 – 2022

Trian developed a strong relationship with P&G’s management team following a prior proxy contest. Here’s what they had to say:

David Taylor (CEO from 2015-2021):

“From day one, Nelson has been a focused, collaborative member of P&G’s Board. Working in concert, Nelson and the Board have constructively provided perspective and expertise to help me and P&G’s senior leaders navigate a challenging external environment and maintain long-term competitive advantage for the benefit of many stakeholders. I’m grateful for his service and the collaborative partnership we’ve developed over the past few years and wish Nelson and the Trian team the best in future endeavors.”

2006 – 2013

Trian developed a strong relationship with Heinz’s management team following a prior proxy contest. Here’s what they had to say:

Bill Johnson (CEO from 1998-2013):

“I said to another CEO… who had called me and inquired about Nelson, that if I were to form the board today, Nelson would be one of the first Directors I’d ask to serve because he is an insightful, communicative, enthusiastic, energetic and available Director.” – CEO Magazine, March 2008

Dennis Reilley (Director of HJ Heinz from 2005-2013, Former CEO of Praxair):

“Nelson Peltz seeks to understand other points of view as much as he seeks to be heard. He is an active listener. Having been a CEO, Nelson also has a healthy respect for the difficulties and challenges of leading large public companies… When he joined the Heinz board, for example, he felt the company was not spending enough money on brand positioning, which he believed would hurt the company long term… Nelson is collaborative by nature – he is always searching for the best ideas. That makes him a great change agent.”

2015 – 2022

Kevin Hourican (CEO from 2020-Current):

“Nelson and Josh Frank have been great partners and supporters especially during their time on our board. We greatly appreciated the guidance and expertise they contributed as we built our business transformation strategy.”

2012 – 2021

Irene Rosenfeld (CEO from 2007-2017):

“Nelson Peltz… is a knowledgeable director, an experienced operator and, as a member of our board, is fully informed about our business. Since joining our Board in January 2014, Nelson has been a constructive participant in Mondelēz International’s board processes. My management team and I have engaged often and productively with the Trian team and appreciate their insights on strategy, operations and investor reactions to various issues. They do their homework and, along with the other members of our board, ask the tough questions to understand our company, and develop ideas to help grow the business and create sustainable long-term value.”

2005 – Today

Emil Brolick (CEO from 2011-2016):

“Nelson Peltz and Trian have played an important role in Wendy’s brand transformation and financial improvement. I greatly value the thought leadership and strategic insight that Nelson and the Trian team provide. Nelson and Trian are passionate advocates for the brand’s growth and success. We work collaboratively on key strategic decisions and our company benefits from Trian’s insight on financial and global opportunities.”

2006 – 2010

Todd Stitzer (CEO from 2003-2010):

“I have known Nelson for approximately 15 years. He is focused on one thing – creating shareholder value. While he can sometimes seem impatient, he is willing to roll up his sleeves and get involved in support of management teams. He is focused on helping to develop creativity and innovation within organizations and is a proponent of revenue growth with financial discipline. He and the team at Trian have created a lot of value over the years at a number of large cap companies.“

Media, Shareholders & Analysts

Jim Cramer (Reporter)

“I do look at that [Disney] board and I think they’re all so great. What happens individually when they get together? I guess they just turn out to be ‘yes people.’ Very disappointing. I think that[‘s] the reason why you want Peltz in there . . .” 

Source: CNBC Investing Club Homestretch Podcast dated January 22, 2024

“I think [Nelson] Peltz and Jay Rasulo would help [Disney].”

Source: Jim Cramer Charitable Trust Monthly Meeting dated December 19, 2023

Steve Liesman (Reporter)

“Nelson Peltz said [Disney] stock went down, everything went down, but [Iger] still gets $31.5 million. I don’t know, seems like an argument to me.”

Source: Squawk Box dated January 19, 2024

Paulina Likos (Reporter)

“[W]e now question, along with Peltz, whether the [Disney] board has enough ‘skin in the game’ — meaning stock ownership among its members— and if it understands just how terrible the share performance has been.” 

“Adding Peltz and Rasulo would change the dynamic in the boardroom, making the directors more accountable to the shareholders they work for.”

Source: What activist investor Nelson Peltz can bring to the board of underperforming Disney dated January 18, 2024

David Faber (Reporter) 

“They have not done a great job at succession at [Disney]… it hasn’t gone particularly well.”

Source: Squawk on the Street dated December 21, 2023

Alex Sherman (Reporter)

“Peltz could argue Trian can bring accountability to a board that has given Iger permission to stick around as long as he’d like. Several board members, including Nike Executive Chairman (and Disney Chairman) Mark Parker and General Motors CEO Mary Barra, are particularly close with Iger…”

Source: Disney’s board is in focus as activist investor Nelson Peltz considers his next move dated November 8, 2023

Sara Eisen (Reporter)

“If you just look at the [Disney] stock price – [Nelson] Peltz called off the last fight in February, the stock was at over $110 a share – it’s at $93 right now.”

Source: Squawk on the Street dated December 14, 2023

Stephen Green (Reporter) 

“No wonder Disney+ is losing billions. And how is a movie, even a blockbuster, supposed to generate the returns that investors expect when budgets are completely out of control? Shareholders ought to be banging down Peltz’s door and demanding that he take over.”

Source: The Battle for Control of Disney is On dated January 19, 2024

Jennifer Saba (Reporter)

“In Disney’s weakened state, it makes sense to invite [Nelson Peltz] into the castle.”

Source: Disney has a weak hand in activist rematch dated October 9, 2023

Jack Hough (Reporter) 

“So far, Iger’s attempt to turn Disney around is having the reverse effect—Disney’s struggles are calling into question some of the revered executive’s past decisions, like the 2019 purchase of television and film assets from 21st Century Fox, which cost a decade’s worth of free cash flow.”

Source: Disney CEO Iger Is a Year In. The Road Back is Long. dated January 18, 2024

Ortenca Aliaj (Reporter), Anna Nicolaou (Reporter), Christopher Grimes (Reporter) and Harriet Agnew (Reporter)

“Corporate governance experts have accused Disney’s board of being too cosy with Iger, granting him contract extensions in 2013, 2014 and 2017.”

Source: Nelson Peltz enlists former Disney executive for proxy battle with Bob Iger dated December 14, 2023

Steven M. (Disney shareholder)

“As a shareholder for Disney, I am truly excited that Mr. Peltz is once again activating his ownership stake. I only own 100 shares of Disney but as they say every vote counts!”

Steve Segal (Shareholder in Buchalter’s Denver office and a member of the Firm’s Corporate Law Practice group)

“[Jay Rasulo’s] decades of experience in the [Disney] organization allow him to walk in understanding the company’s strengths and weaknesses at a core operating level.”

Source: Disney’s Proxy Fight: Activist Investors Pose ‘Major Hurdle’ for Nelson Peltz dated January 19, 2024

Chris Queen (Reporter)

“Rasulo spent nearly 30 years with Disney, including stints as chairman of Disney Parks and Resorts and senior executive vice president and CFO. Solid leadership and strong decision-making characterized his tenure. I don’t know anything about Rasulo’s politics, but it’s clear that he loves Disney and wants to see it do better.”

Source: The New Disney War Heats Up dated December 15, 2023

Peter Supino (Analyst)

“Trian’s nomination of Jay Rasulo for 1 of 2 board seats (along with Peltz) killed two birds with one stone. As former CFO (predecessor to McCarthy), Rasulo is highly credible regarding Trian’s 2 primary complaints – that Disney lacks efficiency, and that the Board lacks important expertise.”

Source: Supino’s Sunday Stream – Telecom Field Trip Takes, Live Nation & DOJ, Netflix Data, Charter’s Decel., Disney Directors dated December 17, 2023

Josh Lipton (Reporter)

“And this is interesting, the part where they’re also nominating Jay Rasulo who was, of course, the former Disney CFO. So, this is a guy who obviously has very deep knowledge, background, insight into the company.”

Source: Yahoo! Finance Live dated December 14, 2023

“In the past, I think that Nelson Peltz has done a good job in general on boards that he joins. So, I think avoid the fight. They got other things to worry about.”

Karen FinermanFast Money; November 7, 2023

“[Nelson Peltz] should get a seat. And [Bob Iger] would be smart to [add him to the Disney board].”

Scott GallowayPivot Podcast: Israel-Hamas War, Search for a Speaker, and Guest Esther Peres; October 13, 2023

“Nelson Peltz of course is coming with Jay Rasulo, who was a potential CEO of Disney, ran the Parks and was the CFO, so he is obviously well qualified.”

Jessica Reif EhrlichBofA Securities; December 15, 2023

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The individuals referenced on this testimonials page (i) are not current clients or investors of Trian, (ii) have not received compensation or other consideration in connection with the statements made herein, and (iii) have current or former business relationships with Trian that could create an incentive for them to speak favorably about Trian Partners. Specifically, such individuals may speak positively about their companies’ investors or such investors’ board representatives to develop and maintain such relationships rather than for any other reason.  

Trian Partners has neither sought nor obtained the consent from any other third party to use any statements or information contained herein that have been obtained or derived from statements made or published by such third parties, nor has it paid for any such statements. Any such statements or information should not be viewed as indicating the support of such third parties for the views expressed herein. Trian Partners does not endorse third-party estimates or research which are used on this Website solely for illustrative purposes. No warranty is made that data or information, whether derived or obtained from filings made with the SEC or any other regulatory agency or from any third party, are accurate. Past performance is not an indication of future results.