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Credit: Inside the MagicDisney CEO Bob Iger is in desperate need of allies in the upcoming proxy battle for control of his company’s board of directors, and he just got one: the chief executive officer of the world’s largest bank.
Bob Iger was brought back to the Walt Disney Company in 2022 after the brief of Bob Chapek, the man who was brought in to replace him as CEO in the first place (allegedly with quite a bit of friction between the two). Iger was expected to revitalize a company suffering from COVID-19 financial decline, accusations of a “woke” agenda, and a still-ongoing feud with Florida Governor Ron DeSantis.
Expectations for CEO Bob Iger were high, and the results have been…mixed. Since his return to the helm, Disney has suffered an embarrassing series of box office flops, as well as the loss of its global box office leadership for the first time in nearly a decade, and things have certainly not calmed down with Governor DeSantis.
Related: Disney Stock Explodes as CEO Bob Iger Proxy Battle Nears
Even worse for Bob Iger, the Walt Disney Company is currently in the run-up to a proxy battle that could determine its future. On April 3, Disney shareholders will vote for who sits on the board of directors, the body that determines who is CEO, who is essentially in charge of a corporation. To put it more simply, Iger is in a fight to see whether he keeps his job or not, despite what opponents might claim.
Currently, the Walt Disney Company itself is asking Disney shareholders to maintain the current board of directors, which includes Bob Iger. His main adversary, investment group Trian Fund Management, has nominated former Disney CFO Jay Rasulo and billionaire activist Nelson Peltz. Finally, a third group, Blackwells Capital, has its own nominees: Jessica Schell, Craig Hatkoff, and Leah Solivan.
In the last few months, all three parties have been running aggressive campaigns to sway the biggest holders of Disney stock to their side, including 130+ page letters, elaborate videos involving obscure cartoon characters, and allegations that Disney has paid millions of dollars to a key investor for its support.
Fortunately for Bob Iger, he just received an endorsement from the CEO of JPMorgan Chase, Jamie Dimon (per NBC). As the head of the world’s single largest bank, Dimon’s support undoubtedly holds a lot of sway in the financial world, giving the Disney CEO a new advantage just weeks before the vote.
In a statement, Jamie Dimon praised Iger, saying, “Bob is a first-class executive and outstanding leader who I’ve known for decades. He 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.”
Nelson Peltz, in particular, has made Iger’s recently lukewarm job performance a key part of the Trian campaign, describing his new plans as a “distraction” and claiming that the CEO was running the company into the ground. It is not difficult to see Dimon’s statement as a rebuttal of those claims.
Related: Bob Iger Loses Support of Major Shareholder Before Disney Vote
Dimon went on to claim any changes to the Disney board would be a mistake, saying, “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.”
Disney shareholders have a few weeks more to make up their minds about who will lead the company in the future, but more and more powerful people seem to be putting their money on Bob Iger staying where he is.
Do you think Bob Iger will keep his job as Disney CEO? Let’s hear your thoughts in the comments below!