Trian Partners Activist Presentation Deck
Confidential-Not for Reproduction or Distribution
The Succession Process is Broken
• Disney has failed to execute on succession planning - one of the most important responsibilities
of a public company Board
▪ On November 20th, Disney announced that Bob Iger was rehired as CEO, effective immediately,
less than three years after he stepped down (but remained Executive Chairman)
- Disney's board reportedly reached out to Iger on Friday (November 18th). On Sunday (November
20th), Disney announced the rehiring
• The fact that Bob Chapek was abruptly fired five months after the Board unanimously agreed to
extend his contract by three years suggests the Board lacks a robust CEO succession process
and completely misread the state of Disney's & Bob Chapek's performance
• Even more puzzling, if streaming was to be Disney's central focus, why was Bob Chapek ever
made CEO to begin with?
- The initial decision itself appears flawed given Bob Chapek's lack of experience on the media side
of the business, which led to Bob Iger being appointed as Executive Chairman and head of
"creative endeavors," preventing Bob Chapek from establishing himself as the clear leader of the
organization
"Disney was dealt a tough hand by the pandemic, yet with Bob [Chapek] at the helm, our
businesses from parks to streaming-not only weathered the storm, but emerged in a position of
strength. In this important time of growth and transformation, the Board is committed to keeping
Disney on the successful path it is on today, and Bob's leadership is key to achieving that goal. Bob
[Chapek] is the right leader at the right time for The Walt Disney Company, and the Board has
full confidence in him and his leadership team."
Source Company press releases, Bloomberg CNBC
Susan Arnold, The Walt Disney Company - Chair of the Board
June 28, 2022
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