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The Walt Disney Company has had some recent turnover in the past few years. In addition to its CEOs swapping, its former CFO Christine McCarthy stepped down, as well as the Chief Information Officer, and the company’s chief diversity officer and senior vice president Latondra Newton. But before all that was Jay Rasulo.
Related: No One Is Coming To Save The Walt Disney Company
Credit: Disney/ Canva
But before the shake-ups of 2023, another executive left Disney in 2015, its then CFO Jay Rasulo. Having been with the company since 1986, Rasulo was once rumored to be Bob Iger’s replacement when he retired.
However, he left the company in 2015 and was replaced by Christine McCarthy.
Credit: Thomas Hawk, Flickr
Related: McCarthy Battled With Iger Before Exiting As CFO
In a recent statement, he said, “The Disney I know and love has lost its way.”
But why does this matter, and why is he back in the news? Because he is now vying for a seat on Disney’s board.
Jay Rasulo Joins The Fight
For those unaware, a proxy battle is going on to take over the direction of The Walt Disney Company. Trian Fund Management, which currently holds $3 billion worth of stock in the company, is pushing to exert influence on the Disney company.
Credit: Disney
The fight, led by activist investor Nelson Peltz, believes that Disney is not doing its due diligence to shareholders and that the company is underperforming and not living up to its potential.
As such, Peltz has teamed up with Ike Perlmutter (who was once the former Chairman of Marvel…before Disney let him go) and the company’s former CFO.
Related: Amid Takeover Threat, Disney Board Changes Up the Rules
Trian (and Peltz) are attempting to gain two seats on the Disney board in hopes that it may help the company get back on track to making the kind of money it did a few years ago (and raising the stock price).
NEW: Nelson Peltz will nominate himself and Jay Rasulo, who was Disney's CFO from 2010 to 2015, to Disney's board. pic.twitter.com/FCMX39UjiI
— Scott Gustin (@ScottGustin) December 14, 2023
Disney and Bob Iger, on the other hand, do not want Trian (or any investors) attempting to “take over” the company. Trian had made a similar effort in 2022 but withdrew its efforts.
However, a year later, the company’s numbers and stock price have not improved, prompting the proxy fight to re-surface.
Credit: Disney
War of Words
In regards to talks that the former Disney CFO Jay Rasulo could have a Disney board seat, he said the following:
“As independent voices in the boardroom, Nelson and I are confident that the combination of my decades of experience at Disney, Nelson’s significant boardroom skills and history of driving positive strategic change, and our combined consumer brands expertise and financial acumen, will be additive to the Disney Board.”
Related: A Billionaire With a ‘Vendetta’ Could Cost Shareholders $50 MILLION
The Walt Disney Company responded with its own statement shortly afterward.
Credit: Disney
It read the following:
“Disney has an experienced, diverse, and highly qualified Board that is focused on the long-term performance of the Company, strategic growth initiatives including the ongoing transformation of its businesses, the succession planning process, and increasing shareholder value…The Governance and Nominating Committee, which evaluates director nominations, will review the proposed Trian nominees and provide a recommendation to the Board as part of its governance process.”
Credit: Disney/ Canva
A few months later, The Walt Disney Company sent a letter out to its shareholders, providing the promised recommendation.
In its letter, The Walt Disney Company has encouraged shareholders to vote for its own nominees, and to disregard Peltz and Rasulo during the Annual Meeting, which will take place on April 3.
Now, all we can do is wait and see what will happen.
What do you think about this Disney company drama? Let us know in the comments!
