Walt Disney to Add Third Point-Backed Nominee Carolyn Everson to Board
01 October 2022 - 07:22AM
Dow Jones News
By Denny Jacob
Walt Disney Co. on Friday said Carolyn Everson will join its
board later this year, a nominee supported by activist investor
Daniel Loeb's Third Point LLC.
The entertainment and theme parks giant said Ms. Everson, who
joins the board on Nov. 21, will be included in its slate of
director nominees at its 2023 annual shareholder meeting.
Third Point has agreed to customary standstill, voting and other
provisions through Disney's 2024 annual shareholder meeting as part
of the agreement, Disney said.
The agreement comes as Mr. Loeb's hedge fund has jockeyed for
change at Disney recently. He sent a letter in August to Chief
Executive Bob Chapek asking for major changes to the company's
business, including spinning off sports television network ESPN,
refreshing its board and cutting spending. Mr. Loeb earlier this
month signaled that he was backing off his push to persuade Disney
to spin off ESPN.
"We have a productive and collegial relationship with Third
Point, with whom we share a deep commitment to continue building on
Disney's many successes and increasing shareholder value," said Mr.
Chapek on Friday.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
September 30, 2022 17:07 ET (21:07 GMT)
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