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Stocks fall after Fedspeak as oil rises, March jobs report on deck

Stocks fall after Fedspeak as oil rises, March jobs report on deck

After successfully fending off activist investor Nelson Peltz, Disney (DIS) CEO Bob Iger said the company's board is focused on the future — in particular, who the entertainment giant's next CEO will be.

In an interview with CNBC on Thursday, Iger said succession planning remains the most important area of ​​focus for Disney, and ranked it as the board's “number one priority.”

He pointed to the company's succession committee – led by board members Mark Parker And James Gorman – It met seven times in 2023 and intends to meet more this year. Bob Iger's contract is scheduled to expire at the end of 2026.

“[The board is] “They are confident that they will choose the right person at the right time,” Iger added. “They are approaching it with a sense of urgency because it is so important.”

Succession became a major sticking point for Peltz and his supporters throughout a months-long proxy battle that officially ended at the company's annual shareholder meeting on Wednesday.

At the meeting, Disney revealed that the current board of directors would remain in place following a shareholder vote that gave the company's slate the win “by a significant margin.” Peltz tried to secure board seats for himself and former Disney CFO Jay Rasulo.

“This whole process has given the board and some members of management an opportunity to engage with many stakeholders, perhaps at a deeper level,” Iger said. “What we heard was, surprisingly, very consistent with our priorities… and shareholders are clearly interested and care very much about succession.”

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Disney's succession problems began in 2020 after Iger tapped Bob Chapek, who at the time was president of the company's parks, experiences and products business, for the position.

Soon after, the COVID-19 pandemic turned the workflow upside down. Under Chapek, Disney also faced political battles and talent issues Controversial reorganization. Meanwhile, Chapek was left to face the ever-looming shadow of Iger, who had spoken out against some of Chapek's decisions even before his return. Chapek was removed from his position in November 2022 after less than three years in office.

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