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.