Disney shares closing down 3% today after shareholders voted to
re elect the full board at today's annual meeting.
This marks the end of Disney's boardroom battle and hands
a major defeat to Tryon partners.
Nelson Peltz who had hoped to join the board.
Joining us now a Disney shareholder who voted in favor
of Nelson Peltz Robert Shine of Blankie Shine Wealth Management
Robert You.
I'm not sure you would characterize this as a big
loss for Nelson Nelson Peltz but so far it's been
a sell the news event.
What does it take from here,
you think, to get Disney stock permanently moving in the
right direction?
Well, we saw Nelson Peltz
charge for the board seat.
At the end of the day,
it's not a defeat. And you know,
he is that superhero character that Disney,
with its true storytelling, loves to write about.
And at the end of the day,
he's actually made a lot of money,
but he's been that agent of change and he's pointing
out one of the reasons why we voted in his
direction was he's pointing out the obvious Disney needs some
restructuring. They need to go back to what made them
great originally and you know Bob Iger,
we're not against Bob Iger.
In fact, we we really like Bob Iger.
I've been a Disney shareholder for well over 20 years
person.
But at the end of the day,
Bob needs to focus on profitability and moving forward in
the shareholders direction,
but more importantly listening to the audience and getting the
experiences to where they need to be for the true
Disney community.
All right, all right. I think Disney might say Nelson
Pals is more of a venom,
maybe more of an antihero.
I know that Sony, but still
I I I wonder though
what does Disney do about succession If you're going to
decide within the next year what to do with it,
this must not be the most important issue to you
because I doubt we get it figured out that soon
if if we know the pattern of Bob Iger.
But is that going to be progress in that direction
important to what you do with the stock?
Yeah, I'm holding on to Disney moving forward if Bob
is at the helm,
right? I mean, Nelson pointed out and the number one
issue is succession.
It didn't work. There's a reboot right now playing out.
Bob Iger of the last 20 plus years has been
phenomenal.
Making deals, that's in his blood.
That's what makes Disney who what Disney is most recently.
And So what we're going to find is Bob's going
to be doing a deal.
He just did a partnership with Epic for 1.5 billion
moving back into the,
you know, video game world.
But at the end of the day when Bob decides
to hang it up,
who is going to replace his shoes and they're large
shoes and that's the concern for all shareholders
on both sides of the aisle for this.
So we don't have any answer.
We're going to be paying attention for it,
OK. So that's so that's the number one issue for
you as well then it sounds like,
I mean do you, are you looking for an update
on that process sooner rather than later then
yeah, I think there's a lot of work that needs
to be done.
I know that James Gorman,
who's a board member of former Morgan Stanley colleague
also said that they're they're clearly locked in on the
succession planning with a process moving forward unlike last time
which is it,
it's very, you know, I
welcoming as a shareholder. But also if you get James
Gorman in the boardroom,
you also have somebody paying attention to the finances as
well.
You know moving forward, I think Bob Iger honestly has
got you know a few more deals in him.
And so I don't think Succession is right on the
table.
He's going to point to the board,
he's going to use that board cover right now.
But at the end of the day you have to
look at Disney Story,
it's the multi you know,
billion dollar brand. It's an iconic name that everyone knows
and loves.
They just have to focus on what what's really
right at end for them.
And you know, here's what I love,
what Bob Iger said, he calls it a distraction and
now the distraction is put to bed.
It's no different than when my son and I get
a report card and I say,
son, you know, your grades are failing right now or
you're not doing as well as you should be doing,
you know, and and my son and Russell said,
Dad, we're actually having a conversation right now.
I need to go back and study.
No, no. My conversation right now is about you getting
back on track.
Don't use that as a distraction.
So I think you know you you have last five
movies in a row that really haven't done what Disney's
great at and so they just have to focus and
to their true audience. Bob Iger said let's bring back
the true storytelling,
traditional storytelling. So let's just focus on executing and then
let's look towards succession planning a little bit later on.