Trian Sends Letter to Fellow Disney Shareholders Outlining the Need for Change

Core Viewpoint - The Trian Group, which owns $3.5 billion in Disney stock, is advocating for changes in Disney's board to restore the company's performance and shareholder value [1][2]. Financial Performance - Disney has experienced a decline in financial performance, with key metrics such as earnings per share, free cash flow, and operating income lower than five years ago [2][5]. - The company's stock has underperformed compared to its media peers and the broader market over the past one, two, three, four, and five years [2][6]. Board Changes - Trian Group believes that Disney needs new independent directors with a shareholder mindset and relevant experience to address its current challenges [3]. - Two candidates, Nelson Peltz and Jay Rasulo, have been nominated for the board, both of whom have invested in Disney and have relevant experience [3][4]. - The group aims to replace two long-serving directors, Michael B.G. Froman and Maria Elena Lagomasino, whose skills are deemed irrelevant to Disney's current challenges [4]. Call for Action - Trian Group is urging Disney shareholders to vote for the election of Peltz and Rasulo to bring focus, alignment, and accountability to the boardroom [9]. - The group emphasizes the need for fresh thinking to improve Disney's performance and restore its iconic status [5][9].