All articles tagged with #board seats
The US will take majority control of TikTok through a deal that gives Americans six of seven board seats, with the platform's algorithm US-controlled and data stored in the US, involving Oracle as security provider, to address national security concerns.
Disney has successfully defended against activist investor Nelson Peltz's attempt to secure board seats, ending a highly contested proxy battle. The company's current board will remain intact following a shareholder vote, representing a short-term win for Disney but also increasing pressure on the board to deliver results amid industry challenges. Disney also defeated activist Blackwells Capital, and its stock traded lower following the results. Peltz's hedge fund Trian Fund Management had sought to shake up Disney's board, citing shareholder value loss and disappointing studio content, but Disney pushed back, citing progress in turning around its business.
Walt Disney appears to be gaining support from major institutional investors in the battle for board seats against activist investors Trian Fund Management and Blackwells Capital. The proxy battle comes as Disney seeks to revitalize its creative franchises, make its streaming business profitable, and navigate the digital future of ESPN. With the annual meeting approaching, both sides are actively lobbying shareholders, and the final outcome remains uncertain as more votes are expected to come in.
Proxy advisor Egan-Jones has joined ISS in supporting activist investor Nelson Peltz's bid for Disney board seats, also backing former Disney executive Jay Rasulo as a nominee. Egan-Jones recommends withholding support for two of Disney's nominees, citing a lack of long-term succession plan and a board unwilling to engage with investors. Trian Fund Management began agitating last year, criticizing Disney's film strategy and succession planning. Disney has pushed back, citing Peltz's lack of media business experience, while receiving public backing from figures like George Lucas and Laurene Powell Jobs.
Activist investor Politan Capital, a 9% shareholder in health-tech company Masimo, is planning a second proxy fight to nominate two directors to the board following Masimo's announcement of a potential spinoff of its audio unit. The move comes after the activist's first proxy fight, which resulted in two board seats. Politan's nominees are former Agilent executive Darlene Solomon and former Stryker CFO Bill Jellison, and if successful, the investor would control four of the company's six board seats. Masimo's CEO, Joe Kiani, has been accused of rebuffing the activist's efforts and refusing to provide basic information, leading to the intensification of the proxy fight.
Carl Icahn's acquisition of nearly 10% of JetBlue has resulted in two board seats for his group, Icahn Enterprises, with the appointees serving as non-voting observers initially. This move has raised questions about Icahn's renewed interest in the airline industry, given his controversial history with Trans World Airways. Speculation abounds regarding potential changes Icahn might bring to JetBlue, including a focus on cost-cutting measures and revenue growth, as well as the possibility of major changes in the airline's operations and potential asset sales or trades. Meanwhile, JetBlue's new CEO, Joanna Geraghty, is focused on restoring the airline's profitability and strengthening its position in the industry.
Billionaire investor Carl Icahn has secured seats on JetBlue Airways' board of directors after acquiring a nearly 10% stake in the airline. The new directors, Jesse Lynn and Steven Miller, are affiliated with Icahn Enterprises. JetBlue's stock rose about 4% in after-hours trading following the announcement. Icahn believes the shares are undervalued, and the airline has been facing financial challenges amid the pandemic and a failed merger attempt with Spirit Airlines.
Activist investor Engaged Capital is seeking board seats at apparel maker VF Corp, with support reportedly coming from an heir of the founding family of VF. The investor aims to make changes to VF Corp's board, with the backing of the family, which holds about 15% of the company. VF Corp's CEO has been making changes following earnings misses, including evaluating options for their packs business and buying shares to show confidence in the company's path.
Activist investor Engaged Capital, with the support of the founding family of VF Corp, is pushing for board seats and faster change at the struggling owner of North Face, Vans, and Timberland brands. The Barbey family, which collectively owns about 15% of VF, wants two directors on VF's board replaced, blaming them for failing to respond to the company's challenges. VF shares have lost 42% of their value in the last 12 months, and Engaged Capital has been pressing for changes, including cost-cutting and exploring strategic alternatives. VF recently announced some changes and missed analysts' expectations in its third-quarter results.
VF Corp (VFC) stock surged 11.8% after activist investor Engaged Capital gained support from VF Corp's founding family in its push for board seats and faster changes at the company. The move comes as Engaged Capital has influenced cost-cutting measures and strategic reviews at VF Corp and identified director candidates with retail and turnaround expertise. The market's perception of the business was significantly impacted by this news, with VF Corp's shares showing volatility. Despite a weaker quarter and a 7.2% decline since the beginning of the year, the stock's recent surge reflects investor optimism following the activist investor's involvement.
Activist investor Engaged Capital, with the support of the founding family of VF Corp, is pushing for board seats and faster change at the struggling owner of brands like North Face and Vans. The Barbey family, which collectively owns about 15% of VF, wants two directors on VF's board replaced, blaming them for failing to respond to the company's challenges. VF shares have lost 42% of their value in the last 12 months, and Engaged Capital has been pressing for changes, including cost-cutting and exploring strategic alternatives. CEO Bracken Darrell is leading a turnaround effort, while another activist hedge fund, Legion Partners Asset Management, has also amassed a stake in VF.
Nelson Peltz, backed by a $3 billion stake in Disney, has nominated himself and former Disney exec Jay Rasulo for board seats, criticizing CEO Bob Iger's leadership and the company's underperformance. Trian also urged shareholders to withhold votes for three nominees from another activist investor, Blackwells. Disney, however, believes all five nominees lack qualifications. Peltz accused Iger of taking a billion dollars out of the company and criticized his compensation amid declining earnings and stock performance.
Disney and Trian Fund Management are engaged in a dispute after activist investor Nelson Peltz was denied board seats by the entertainment giant. Trian intends to take its case directly to Disney shareholders, citing a loss of approximately $70 billion in shareholder value and underperformance compared to peers. Disney defended its new board members and highlighted its commitment to long-term shareholder value. The company emphasized its ongoing efforts to improve its film studio, grow its Experiences segment, and generate profitability from its streaming services.
Disney and Trian Fund Management engaged in a war of statements after activist investor Nelson Peltz was denied board seats by the entertainment giant. Trian intends to take its case directly to Disney shareholders, citing a loss of $70 billion in shareholder value and underperformance compared to peers. Disney defended its new board members and highlighted its efforts to provide long-term shareholder value, undergo major changes, and generate profitability through streaming services and digital transformation. The company reported revenue growth in its Experiences segment and aims to cut costs by $7.5 billion.
Activist hedge fund Trian Fund Management, led by Nelson Peltz, is escalating its proxy battle with Disney by taking its case directly to shareholders after the company turned down its request for representation on the board. Trian is seeking multiple board seats at Disney and has the support of former Marvel executive Ike Perlmutter. Trian argues that Disney's share price has underperformed its peers and the broader market, while Disney points to its cost-cutting efforts and highlights Perlmutter's personal agenda against Disney's CEO. This comes after Disney announced the addition of James Gorman and Jeremy Darroch to its board. Disney shares were flat in afternoon trading.