{ "docId": "019dd923-622b-71dc-a6db-a56b7a46b68b", "docSlug": "9fe5c6dc708f", "documentTitle": "The Walt Disney Company (DIS)", "authorId": "06_Trian_Partners", "authorName": "Trian", "documentKindSlug": "shareholder-letter", "documentKindLabel": "Shareholder letter", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": null, "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 3, "pageCount": 4, "prevPage": 2, "nextPage": 4, "slideType": "before_after", "function": "preempt_rebuttal", "density": "dense", "nDataPoints": 0, "notes": "Uses a before-after framework to counter the narrative that Trian is disruptive, showing a transition from initial skepticism to later endorsement by CEOs.", "elementsJson": [ "comparison_table", "paragraph", "callout_box" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-a56b7a46b68b/3", "deckHref": "/decks/019dd923-622b-71dc-a6db-a56b7a46b68b", "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-a56b7a46b68b.json", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-a56b7a46b68b#slide-3", "components": [ { "bbox": { "h": 0.03, "w": 0.6, "x": 0.2, "y": 0.93 }, "kind": "callout", "text": "For more information, please visit www.RestoreTheMagic.com", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "dd6e70a1-3cc4-48db-8b32-25ab8537d08b", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "To ensure the election of Nelson Peltz and Jay Rasulo, it is essential that shareholders vote FOR Nelson Peltz and Jay Rasulo and WITHHOLD on Michael B.G. Froman, Maria Elena Lagomasino and all three Blackwells Nominees.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-203f-7169-9f93-9b365d5e5aa1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.45, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "framework", "text": "Comparison of CEO quotes before and after Trian involvement", "attrs": null, "subkind": "instance", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4d075f50-78f2-4f73-909a-a3e8ba918914", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.62 }, "kind": "paragraph", "text": "Nelson Peltz and Jay Rasulo have dedicated themselves to helping build a better future for this iconic company. Like you, we want Disney to improve the guest experience at its parks and on its cruises; create unforgettable, industry-leading films and television content; and deliver sustainable growth and value for shareholders for generations to come.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a83f131d-6547-49f1-ad6b-d86f2adc6220", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.78 }, "kind": "paragraph", "text": "To ensure the election of Nelson Peltz and Jay Rasulo, it is essential that shareholders vote FOR Nelson Peltz and Jay Rasulo and WITHHOLD on Michael B.G. Froman, Maria Elena Lagomasino and all three Blackwells Nominees. Please use the enclosed BLUE proxy card.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f8abfde5-0384-4e05-8880-43b92d4b7a99", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"The company is at a key inflection point and we cannot afford to let the Board and management be diverted from our progress and plan by creating a dysfunctional and destabilizing environment.\" — Heinz, Jun 2006. \"I said to another CEO...who had called me and inquired about Nelson, that if I were to form the board today, Nelson would be one of the first Directors I’d ask to serve because he is an insightful, communicative, enthusiastic, energetic and available Director.\" — Bill Johnson, Heinz CEO, Mar 2008. \"Trian has chosen this path [a proxy contest] with the potential to disrupt our Company at a key stage of execution against our plan\" — DuPont Press Release, Jan 2015. \"I have the highest regard for Nelson Peltz... Since becoming CEO of DuPont, I have talked many times with the Trian team and appreciate their insights on strategy and operations, as well as the collaborative and productive manner in which they have engaged with us.\" — Ed Breen, DuPont CEO, July 2017. \"[P&G] is in the best position to continue building a better Company without adding Mr. Peltz to the Board...Now is the time to focus on accelerating results, and prevent anything from derailing the work that is delivering improvement.\" — David Taylor, P&G CEO, Aug 2017. \"From day one, Nelson has been a focused, collaborative member of P&G's Board. Working in concert, Nelson and the Board have constructively provided perspective and expertise to help me and P&G's senior leaders navigate a challenging external environment and maintain long-term competitive advantage for the benefit of many stakeholders. I'm grateful for his service and the collaborative partnership we've developed over the past few years...\" — David Taylor, P&G CEO, Aug 2021.", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-203f-7169-9f93-9fefac5a0ee5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.55 }, "kind": "title", "text": "VOTE FOR CHANGE", "attrs": null, "subkind": "action-title", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d68d743a-4001-4a5f-909c-c69c47b5e14e", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "before-after-framing", "slug": null, "matchId": "34db355e-9292-4c0a-8a84-6d1db2833ef8", "evidence": "The slide explicitly contrasts CEO quotes 'Prior to Proxy Vote' vs 'After Trian Involvement'.", "confidence": 1 } ], "arcBeats": [ { "to": 3, "from": 3, "beatId": "d061d865-5bb8-4d95-8bcd-51f1b8bafbab", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution (Provide relief)", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The before-after slide presents a clear call to action for change.", "position": 2, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "loops": [ { "to": 3, "from": 3, "name": "Before After", "slug": "21-before-after", "bestFor": "Product demos, process improvements, ROI justification", "matchId": "3df83b61-9488-449d-b74a-070ab83d8d0e", "evidence": "The before-after slide presents a clear contrast between the current situation and the desired outcome.", "position": 0, "objective": "Present a clear call to action for change", "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta", "confidence": 0.8, "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }