Disney added technology executive Carolyn Everson to its board of directors on Friday as part of an support agreement with activist investor and hedge fund investor Daniel Loeb and his company Third Point LLC after “a constructive dialogue.”
Loeb, who acquired a 0.4% stake in Disney in August, worth at the time nearly $1 billion, had pushed for the addition of new members to its board, writing in a letter that the board had “gaps in talent and experience as a group that must be addressed.” He had also recommended that Disney spinoff ESPN from its assets as a way to reduce debt, though Loeb ultimately backed down from that recommendation.
Disney said in a statement Friday that it has “agreed to customary standstill, voting and other provisions through Disney’s 2024 Annual Meeting of Shareholders” with Third Point.
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“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,” Disney CEO Bob Chapek added in a statement.
Everson, 50, will join Disney’s board of directors Nov. 21. She’s currently also on the boards for the Coca-Cola Company, Creative Artists Agency, Villanova University, the Humane Society of the United States and Columbia Medical School.
“We are thrilled to welcome Carolyn Everson to the Disney Board,” Disney chairman of the board Susan Arnold said. “Carolyn’s extensive background, including roles at a number of high-profile, complex global companies, brings a welcome and invaluable perspective as we continue to focus on expanding our brand and global reach.”
“With nearly three decades of experience in senior operating roles at dynamic consumer-facing organizations, Carolyn is a well-respected leader who will bring unique and valuable perspective to our Board,” Chapek added. “Carolyn has had a hand in building a number of world-class digital advertising businesses, and her insights make her a great fit as we continue to position the company for long-term growth.”
“We are pleased with our productive and ongoing dialogue with Bob and Disney’s management team,” Loeb, CEO and chief investment officer with Third Point, said in a statement. “The expansion of Disney’s Board of Directors to include Carolyn Everson will add an important new perspective to an already accomplished group.”
“I am incredibly excited and honored to join The Walt Disney Company’s Board and work alongside the outstanding directors and extraordinarily talented management team,” Everson said. “Disney is a beloved brand with an incredible history that brings joy to millions of consumers around the world and one that has meant so much to me and my family over the years. I am fully committed to helping progress Disney’s strategic priorities at an exciting time for the business and industry at large.”
J.P. Morgan Securities LLC served as Disney’s financial advisor and Cravath, Swaine & Moore LLP served as Disney’s legal advisor with respect to the support agreement.
