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  "documentTitle": "The Walt Disney Company (DIS)",
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  "notes": "This slide uses a three-column structure to frame the problem (underperformance), the villain (the Board), and the solution (nominees).",
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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": "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... Poor ROIC...",
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      "text": "Strategy Oversight... M&A and Capital Allocation... Culture... Succession... Compensation Alignment... Shareholder Engagement",
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      "text": "1. Enhance Corporate Governance... 2. Accelerate Media Profitability... 3. Review of Creative Engine... 4. Clarify Strategic Focus",
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      "text": "Total Shareholder Return: -401%",
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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": "Root Cause of Underperformance: Disney's Board",
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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": "Vote for Change at The Walt Disney Company",
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