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In an open letter, Ancora cited financial mismanagement and ineffective governance at Disney that extends beyond the tenure of former CEO Bob Chapek. These issues are said to have contributed significantly to Disney’s recent performance struggles.
The appeal from Ancora arrives as Disney is actively reinforcing its board with seasoned industry professionals. The entertainment giant recently added James Gorman and Jeremy Darroch to its board roster, a strategic decision made in the wake of heightened shareholder activism from investment firms including Trian and ValueAct.
Ancora’s open letter emphasizes the need for change at the board level, suggesting that current governance structures have not adequately addressed the challenges facing Disney. By endorsing Nelson Peltz for the board, Ancora believes that shareholders can instigate a much-needed shift towards more effective oversight and strategic direction for the company.
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