Walt Disney to Add Third Point-Backed Nominee Carolyn Everson to Board

By Denny Jacob

Walt Disney Co. on Friday said Carolyn Everson will join its board later this year, a nominee supported by activist investor Daniel Loeb's Third Point LLC.

The entertainment and theme parks giant said Ms. Everson, who joins the board on Nov. 21, will be included in its slate of director nominees at its 2023 annual shareholder meeting.

Third Point has agreed to customary standstill, voting and other provisions through Disney's 2024 annual shareholder meeting as part of the agreement, Disney said.

The agreement comes as Mr. Loeb's hedge fund has jockeyed for change at Disney recently. He sent a letter in August to Chief Executive Bob Chapek asking for major changes to the company's business, including spinning off sports television network ESPN, refreshing its board and cutting spending. Mr. Loeb earlier this month signaled that he was backing off his push to persuade Disney to spin off ESPN.

"We have a productive and collegial relationship with Third Point, with whom we share a deep commitment to continue building on Disney's many successes and increasing shareholder value," said Mr. Chapek on Friday.

Write to Denny Jacob at [e-mail]

(END) Dow Jones Newswires

September 30, 2022 17:07 ET (21:07 GMT)

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