Jamie Dimon backs Bob Iger as ‘outstanding leader’ amid Disney’s proxy fight with Trian’s Nelson Peltz
NY Post
JPMorgan Chase CEO Jamie Dimon involved himself in the Disney-Trian Fund Management proxy fight by expressing his support for CEO Bob Iger.
Dimon told CNBC on Wednesday that Iger was a “first-class executive and outstanding leader” who “knows the media and entertainment business cold and has the successful track record to prove it.”
“It’s a complicated industry filled with creative talent, requiring the unique expertise and engagement skills that Bob possesses,” the bank CEO continued, according to the outlet. “Putting people on a board unnecessarily can harm a company. I don’t know why shareholders would take that risk, especially given the significant progress the company has made since Bob came back.”
The latest proxy fight between the entertainment giant and Trian Fund Management’s Nelson Peltz kicked off late last year. Trian and affiliates have a stake in Disney worth about $3.5 billion.
The firm has argued that Disney has experienced “chronic underperformance” in its financials and directed the blame at its board. It alleged the board has fallen short in strategy oversight, capital allocation, culture, succession planning, executive compensation and other areas in a recently released white paper.
On top of calling for changes at the company, Trian put forward Peltz and former Disney CFO James Rasulo as its nominees to Disney’s board in mid-December to help “restore the magic” at the entertainment giant. It has continued to push for seats for the duo since.
