The glitter bombs exploded in spectacular technicolor fashion during the Disney 2024 shareholders meeting. Investors were presented with three different board candidates, an unusual corporate proxy battle, and a de-transitioning woman claiming she was encouraged – and now ignored – by Disney and others. Somehow, CEO Bob Iger emerged relatively unscathed.
The attempted coup was the second in as many years. Fronted by former Disney Chief Financial Officer Jay Rasulo and activist investor and CEO of Trian Partners, Nelson Peltz, it was an effort to create a "successful CEO transition" at Disney to make it a more "Netflix-like" operation. It didn't take with the shareholders. Still, though they lost the battle, Peltz and company made the good old boys feel a bit queasy.
Peltz was raked over the coals. It was said he “brings no media experience and has presented no strategic ideas for Disney." Disney then played a piece of an interview Pelt had done with CNBC in which he said, "They said I have no media experience — I don't claim to have any."
The meeting went worse for Rasulo, as Disney says his perspective "is stale given he left Disney in 2015 and has not held any executive positions in the industry since."
It was, to use a term the media seems especially fixated on right now, a bloodbath.
"While we are disappointed with the outcome of this proxy contest, Trian greatly appreciates all of the support and dialogue we have had with Disney stakeholders. We are proud of the impact we have had in refocusing this Company on value creation and good governance," Trian said in a statement.
Iger, who had 94% of the shareholders' support, flicked Peltz and Rasulo off his starched collar as if removing a flea from Goofy.
"I want to thank our shareholders for their trust and confidence in our Board and management. Now that this distracting proxy contest is behind us, we're here to focus 100% on our most important priorities: growth and value creation for our shareholders, and creative excellence for our consumers," Iger said.
The Glitter Bomb No One Expected
Back to the surprise company optics that come from out of left field: The LGBTQ+ people were in a tizzy. Chloe Cole had something to say during the shareholder meeting. Her rant, in brief, is as follows:
"Influenced by modern media and social networks, I began to transition to male at age 12. By age 16, after practitioners I trusted encouraged me to take puberty blockers and get a double mastectomy, I tried to come back to reality. But it was too late. My body has been irreversibly damaged, and years later, my chest is still in bandages."
Now, former "transgender kid" Cole can't get the insurance or medical help she needs to put her body back to normal. She is suing Disney for "de-transitioning" discrimination, to which the company has scoffed.
During her brief attack on the House of Mouse, she warned, "But Disney, and its arrogance, has responded to our proposal by stating I'm only trying to 'generate attention' for 'a limited agenda.' Mr. Iger, Disney, under your watch, is pushing the 'limited agenda' of gender ideology. Disney has become the Ursula that is stealing the voices of thousands of little Ariels across the world by telling us that we can be something that we can never become. The lawsuits are coming, sir."
Is Disney the Happiest Place on Earth?
Disney parks suffered greatly during the pandemic. Infighting with Florida Governor Ron DeSantis has significantly affected the brand's image as a family theme park. The beast was unleashed when the Florida state legislature passed the Parental Rights in Education Act. The legislation states: "Classroom instruction by school personnel or third parties on sexual orientation or gender identity may not occur." The former and very brief tenure of CEO Bob Chapak took a very public and unwise stand on the politics at hand and ended up bringing half the Kingdom to a grinding halt, fielding lawsuits, and filing lawsuits.
Woke does not work in Magicland. Woke is a fad, and those who cave and bite from its poisonous apple tend to choke on it – just ask Snow White. Seriously, what kid wants to see Cinderella with a mustache and goatee?
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