{
  "docId": "019dd923-622b-71dc-a6db-780377abfbe8",
  "docSlug": "d954d7f4a9c3",
  "documentTitle": "The Walt Disney Company (DIS)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-03-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 51,
  "pageCount": 133,
  "prevPage": 50,
  "nextPage": 52,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 21,
  "notes": "Uses a combination of a comparative bar chart for ownership and a waterfall-style cumulative bar chart for stock sales.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "callout_box",
    "bar_chart_vertical",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-780377abfbe8/51",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-780377abfbe8",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-780377abfbe8.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-780377abfbe8#slide-51",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Disney’s non-management Directors comprise current and former CEOs of some of the largest companies in the world, but they collectively own only ~$15 million of Disney stock - representing just 0.008% of Disney’s shares outstanding and much of which was received as Director’s fees paid in Disney shares",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f41-721f-9e3c-40d9e6be381d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.9,
        "x": 0.04,
        "y": 0.22
      },
      "kind": "chart",
      "text": "Comparison of beneficial ownership between Independent Directors, Mr. Iger, and Trian Group.",
      "attrs": null,
      "subkind": "bar-horizontal",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "20397db5-acde-4f68-954c-e6a5a5466022",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.9,
        "x": 0.04,
        "y": 0.65
      },
      "kind": "chart",
      "text": "Cumulative Net Value of Disney Shares Sold by Mr. Iger ($mm)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d5569be1-092c-476c-96be-bdbd937db89e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Cumulative Net Value of Shares Sold: $1,097",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-3f41-721f-9e3c-4750123e1998",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.04,
        "y": 0.14
      },
      "kind": "paragraph",
      "text": "We believe that Disney's Directors do not act like owners because they own relatively little stock – almost none of which was purchased themselves.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8763c824-e517-4ace-af42-3bff1c22d304",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.04,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: SEC filings, FactSet. Note: (1) Represents market value of Disney shares held by all Disney non-management Directors and Bob Iger, as applicable...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "02af0ac7-4cf4-46db-8416-5c25a1adcfff",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.5,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "Board's Lack of Ownership Creates Misalignment",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "535b3525-28b9-40e3-bdfb-708b0d2ef8a9",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "3ab86ceb-9322-4ced-9101-454c68fc6acc",
      "evidence": "Contrasts low board ownership with high historical stock sales to argue misalignment.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 133,
      "from": 23,
      "beatId": "b87ea76d-47cf-41db-891f-d9874d31fb66",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The deck offers a solution by nominating Trian Partners' candidates and outlining their plans for change",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [
    {
      "to": 60,
      "from": 45,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "205fbd9e-db4e-44ef-b55d-b098f67c1547",
      "evidence": "The deck highlights the consequences of not taking action to address Disney's underperformance",
      "position": 2,
      "objective": "To show the consequences of not taking action to address Disney's underperformance",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}