More than twelve current and former public company directors who have worked with Trian Fund Management and its co-founder Nelson Peltz have written a letter to Disney's board expressing their support for the activist investor.
“As directors who have worked with Nelson Peltz at some of the world's most respected companies, we are writing to convey our experience with Nelson in the boardroom and to encourage you to work with him for the benefit of all shareholders,” the letter states. “Some of us, like you, were skeptical about Nelson and were initially opposed to the notion of having him on our boards. Some of us worried that he might derail the successful execution of our strategy. However, after having worked with Nelson, we know that our concerns were misplaced. The companies for which we served as board members alongside Nelson were improved because of his presence on the board.”
“Some of us became Nelson’s colleague after a bitter-fought proxy contest. Others of us asked Nelson to join our boards, and still others of us joined a board after Nelson was already on the board. But one experience we all share: Nelson entered the boardroom every meeting with an open mind, a focus on growth for the benefit of stakeholders and a commitment to working constructively towards our common goal of creating long-term shareholder value,” the letter continues. “With his dedication, focus and sound judgment, Nelson contributed greatly to boardroom discussions. He asked tough questions and challenged our thinking – as any good director does – but was not disruptive or disrespectful. To the contrary, Nelson welcomed different perspectives and encouraged debate. Rather than stifle dissent, Nelson often catalyzed robust, productive discussions that helped move our companies forward. Each of us would happily serve with Nelson again on another board.”
The letter is signed by former Legg Mason, Inc. directors Dennis Beresford and John Hayes, former Procter & Gamble director and Home Depot chairman and CEO Francis Blake, Mondelez International directors Charles Bunch and Jorge Mesquita and former non-executive and lead director Jean-François van Boxmeer, Janus Henderson Group plc chair John Cassady and executive director and CEO Ali Dibadj, Wendy’s director Kenneth Gilbert and lead independent director Art Winkleblack, former H.J. Heinz Company directors Dennis Reilley and Thomas Usher and Sysco Corporation director Sheila Talton.
The public endorsement for Peltz comes ahead of Disney's annual shareholder meeting on April 3, where he and the entertainment giant's former chief financial officer Jay Rasulo will stand election for seats on the board.
In addition to Trian, Blackwells Capital has nominated former Warner Bros. and NBCUniversal executive Jessica Schell, Tribeca Film Festival co-founder Craig Hatkoff and TaskRabbit founder Leah Solivan.
More to come…
