Bob Iger, Chairman and CEO of The Walt Disney Company (center) speaks next to Jamie Dimon (left), Chairman and CEO of JPMorgan Chase & Co. during the Bloomberg Global Business Forum in New York on September 25, 2019.
Kina Bettencourt | AFP | Getty Images
C. B. Morgan Chase Endorsed by CEO Jamie Dimon Disney CEO Bob Iger in his proxy battle with activist Trian Partners, as CNBC's David Faber has learned.
Damon gave the following statement about Iger to Faber:
“Bob is a first-class executive and outstanding leader that I have known for decades. He knows the media and entertainment industry and has the proven track record of success to prove it. It is a complex industry full of creative talent, and requires unique expertise and engagement skills that Bob possesses. Appointing people to the board of directors unnecessarily can hurt the company. “I don't know why shareholders would take this risk, especially given the significant progress the company has made since Bob's return.”
Trian, run by Nelson Peltz, has launched an intense proxy fight against Disney, asking investors to nominate him and former Disney CFO Jay Rasulo to the board at its annual general meeting on April 3.
Nelson Peltz
David A. Grosjean | CNBC
In a 133-page report released earlier this month, Peltz calls for a restructuring of leadership and an overhaul of traditional Disney TV channels, which he believes have been a shrinking business. The activist also wants Disney to target and achieve “Netflix-like margins” of 15% to 20% by 2027. Peltz believes Netflix is Disney's biggest competitor.
Meanwhile, Iger is trying to streamline the sprawling media company to rein in spending and make its Disney+ streaming platform profitable. Eger has instituted extensive restructuring, including laying off thousands of workers.
In February, Disney reported a strong quarter with increased profits, trimming the streamer's losses and upbeat guidance as it saw progress in its cost-cutting efforts. However, the report did not satisfy Peltz.
Dimon rarely gets involved in proxy fights, while JPMorgan has a history of advising Disney on defensive matters.
