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  "documentTitle": "The Walt Disney Company (DIS)",
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  "authorName": "Nelson Peltz",
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      "text": "Trian's nominees – Nelson Peltz and Jay Rasulo – are experienced and aligned with shareholders. Our nominees will bring an \"ownership mentality\" into the boardroom to focus on the following initiatives:",
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      "text": "Disney's 10-Year Relative TSR: -401% vs. Proxy Peers, -168% vs. S&P 500",
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      "text": "Strategy Oversight; M&A and Capital Allocation; Culture; Succession; Compensation Alignment; Shareholder Engagement",
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      "text": "Disney is an iconic company... However, it has woefully underperformed: Over last 5 years, segment operating income, EPS and FCF have declined by 18%, 47%, and 50%... Disney's overall media margins lag key peers by ~900bps... Disney has lost $14bn in DTC... Poor ROIC... Recent feature films have disappointed",
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      "text": "1. Enhance Corporate Governance & Accountability; 2. Accelerate Media Profitability; 3. Review of Creative Engine; 4. Clarify Strategic Focus",
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      "text": "Chronic Underperformance",
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      "text": "Trian's Nominees Can Help RESTORE THE MAGIC",
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      "text": "Source: SEC filings, FactSet. Note: (1) Disney \"Media\" business represents its \"Entertainment\" and \"Sports\" segments...",
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      "text": "Why Are We Seeking Board Representation at Disney?",
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