Trian Partners Activist Presentation Deck
March 2024, 133 slides
  1. Trian Partners
  2. Disney
  3. Related Decks
  4. Activist Presentation Decks
the vote using the blue proxy card nae sax partners | Trian Partners
disclosure statement and disclaimers | Trian Partners
disclosure statement and disclaimers | Trian Partners
what is this proxy contest about | Trian Partners
the executive summary | Trian Partners
about wane peg | Trian Partners
why are we seeking board representation at | Trian Partners
is the most advantaged diversified media player | Trian Partners
but financial results have deteriorated revenue free cash flow | Trian Partners
despite its scale overall media margins lag peers | Trian Partners
despite its so called unprecedented transformation earnings estimates have fallen materially | Trian Partners
has driven poor shareholder returns a | Trian Partners
buying stock over the last years has been a losing proposition | Trian Partners
industry disruption does not absolve board for poor performance it is the board job to look over the horizon | Trian Partners
claim that it has turned the corner and entered a new era rings hollow to us | Trian Partners
the root cause of is a board that we believe lacks focus alignment and accountability | Trian Partners
board has failed in its core responsibilities and has not been held accountable to shareholders | Trian Partners
poor oversight on strategy and culture suggests board complacency and a lack of accountability | Trian Partners
the billion fox acquisition resulted from a board failure on multiple fronts | Trian Partners
the board succession failures have created a leadership void an inconsistent strategy and organizational dysfunction | Trian Partners
poor compensation practices have the interests of management and shareholders | Trian Partners
board has overseen poor shareholder returns mary barra | Trian Partners
we have nominated two exceptional candidates who are dedicated to restoring the magic at | Trian Partners
by own standards have more skills central to strategy than a | Trian Partners
perhaps the governance and nominating committee could have saved shareholders by meeting our candidates | Trian Partners
initiatives to restore the magic | Trian Partners
has developed strong relationships with company boards management teams following prior proxy contests a | Trian Partners
the the case for change at | Trian Partners
has performed poorly especially given its advantaged position | Trian Partners
context for performance strategic | Trian Partners
is the most advantaged media player | Trian Partners
should be a streaming winner million million a a | Trian Partners
experiences is an extremely valuable and one of a kind business worthy of more investment | Trian Partners
has invested billion into growth since | Trian Partners
but financial performance has deteriorated | Trian Partners
with operating income down from five years ago across every segment outside of the experiences business restore the mar tae onions a ana | Trian Partners
almost every one of self selected media industry peers have grown while has been halved | Trian Partners
almost every one of self selected media industry peers have better returns on invested capital | Trian Partners
despite its scale overall media margins lag peers | Trian Partners
across brands movies are struggling pix | Trian Partners
streaming losses weigh on media profitability | Trian Partners
streaming business is inefficient | Trian Partners
broken flywheel consumer products segment is flat we a | Trian Partners
brand health appears to be deteriorating putting the flywheel at risk | Trian Partners
shareholders have lost money over the last years and just barely out a profit over the last years | Trian Partners
has trailed almost every one of its peers | Trian Partners
market cap has lost over half its value approximately billion from its recent peak billion | Trian Partners
the root cause of board | Trian Partners
the root cause of is a board that we believe lacks focus alignment and accountability | Trian Partners
we are concerned with the objectivity and focus of many directors at a critical point in turnaround | Trian Partners
board lack of ownership creates misalignment | Trian Partners
board has failed in its core responsibilities and has not been held accountable to shareholders | Trian Partners
saw disruption coming but failed to adapt quickly see | Trian Partners
when finally launched streaming the strategy was seemingly poorly planned and executed | Trian Partners
strategic deliberations in public have caused headaches and suggests a board that fails to provide proper oversight | Trian Partners
recent strategic announcements appear half baked and highlight continued failures of oversight | Trian Partners
plan to fix its has amorphous goals and is missing crucial details | Trian Partners
fox was a strategically flawed billion acquisition | Trian Partners
and was the result of incentives | Trian Partners
and has still not delivered on promises financially | Trian Partners
we believe conformist corporate culture does not accept dissenting viewpoints | Trian Partners
in world management directors are never at fault | Trian Partners
chronic succession problems have seemingly created a leadership void ary cant renin whore rough and on former successor | Trian Partners
succession process appears to lack rigor | Trian Partners
has entrusted many of the same people who previously failed succession to fix it | Trian Partners
the succession committee is already off to a rough start | Trian Partners
i executive compensation is not properly tied to performance | Trian Partners
i failure to set challenging annual incentive targets | Trian Partners
coupled with egregious long term incentive targets that are unambitious | Trian Partners
leading proxy advisors have been critical of compensation | Trian Partners
i a one of the worst say on pay track records in the | Trian Partners
compensation issues continued to plague in | Trian Partners
the board has failed to appoint an appropriate compensation committee | Trian Partners
tenure on committee included awarding of an egregious pay package | Trian Partners
investment case is held back by ambiguous shareholder communications | Trian Partners
meaningful interactions amount to approximately hours of total engagement with | Trian Partners
board appears far more focused on than substantive shareholder engagement | Trian Partners
board agreement with capital is not a substitute for shareholder representation inside the | Trian Partners
the nominees bring necessary skills experience | Trian Partners
nelson and jay bring necessary skills experience to help reverse board failures a | Trian Partners
nominee nelson | Trian Partners
nominee jay | Trian Partners
candidates fail own board criteria | Trian Partners
has a poor track record of overseeing succession processes | Trian Partners
foreign policy is not as relevant as nelson turnaround review affairs | Trian Partners
nelson and jay have been praised for their leadership skills collaborative partnerships | Trian Partners
nelson and jay have been praised for their leadership skills collaborative partnerships | Trian Partners
nelson involvement drives performance | Trian Partners
the gamble company case study | Trian Partners
the initiatives to restore the magic | Trian Partners
initiatives to restore the magic | Trian Partners
refresh the board by adding nelson and jay as independent focused directors aligned with shareholders | Trian Partners
run a thorough and successful succession process as partners have done numerous times before | Trian Partners
properly align compensation with performance | Trian Partners
form a board level finance strategy committee | Trian Partners
path forward on streaming remains ambiguous | Trian Partners
current strategy seems designed to provide short term wins rather than long term profitable growth | Trian Partners
strategy needs a clear north star on future growth and profitability goals | Trian Partners
strategy has led to industry leading profitability and consistent margin expansion | Trian Partners
board should insist on a plan to achieve margin | Trian Partners
has multiple opportunities to drive growth and engagement | Trian Partners
addition to opportunities to improve focus and cost efficiency | Trian Partners
has an opportunity to right size its legacy linear and studio cost structure has outpaced sales growth | Trian Partners
large and growing corporate overhead allocations likely weigh on media segment margins a | Trian Partners
nominees will propose a review of the organizational structure to enhance accountability and efficiency | Trian Partners
goal is for to reclaim its box office position with leading studio economics | Trian Partners
lost its animation crown and it cannot blame poor box office trends when peers are doing well | Trian Partners
falling yield on animated films suggests a new playbook is needed | Trian Partners
frequency of sequels could jeopardize the company long term growth | Trian Partners
our nominees will call for a comprehensive board led review of studios and state of | Trian Partners
has additional opportunities to bring the flywheel into the digital age | Trian Partners
limited visibility into free cash flow growth beyond keeps many investors on the sidelines | Trian Partners
finding a partner for non core linear networks is key to improving strategic focus and growth prospects | Trian Partners
sports product strategy is chaotic | Trian Partners
key questions related to flagship service remain unanswered | Trian Partners
our nominees will insist on a digital strategy for that has a clear path to attractive financial returns | Trian Partners
parks strategy appears to lack a focus on tangible targets competitive threats and delighting the consumer | Trian Partners
investors would benefit from detail around target returns on the billion of announced parks overall growth | Trian Partners
universal expansion in requires a more urgent and targeted response from | Trian Partners
guest experience improvements is seemingly missing from the parks investment strategy | Trian Partners
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