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  "documentTitle": "Trian Partners | Activist Presentation Deck | 35 slides",
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  "authorName": "Trian Partners",
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  "presentationDate": "2023-01-01 00:00:00",
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  "notes": "The slide uses a direct quote from the Board Chair to highlight the contradiction between the Board's stated confidence in June 2022 and the subsequent firing of the CEO.",
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      "text": "Disney has failed to execute on succession planning - one of the most important responsibilities of a public company Board. On November 20th, Disney announced that Bob Iger was rehired as CEO, effective immediately, less than three years after he stepped down. The fact that Bob Chapek was abruptly fired five months after the Board unanimously agreed to extend his contract by three years suggests the Board lacks a robust CEO succession process. Even more puzzling, if streaming was to be Disney's central focus, why was Bob Chapek ever made CEO to begin with?",
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      "text": "Disney was dealt a tough hand by the pandemic, yet with Bob [Chapek] at the helm, our businesses—from parks to streaming—not only weathered the storm, but emerged in a position of strength. In this important time of growth and transformation, the Board is committed to keeping Disney on the successful path it is on today, and Bob's leadership is key to achieving that goal. Bob [Chapek] is the right leader at the right time for The Walt Disney Company, and the Board has full confidence in him and his leadership team.",
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      "kind": "source-note",
      "text": "Source: Company press releases, Bloomberg, CNBC",
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      "kind": "title",
      "text": "The Succession Process is Broken",
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