{
  "docId": "019de077-1511-74ad-8779-d4a5bd51f53e",
  "docSlug": "36531221f1c67575f86f87d8dbd73e65",
  "documentTitle": "Trian Partners | Activist Presentation Deck | 133 slides",
  "authorId": "trian-partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-03-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2938006,
  "pageNumber": 20,
  "pageCount": 129,
  "prevPage": 19,
  "nextPage": 21,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 4,
  "notes": "Uses a 2x4 grid to present a chronological narrative of governance failures.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de077-1511-74ad-8779-d4a5bd51f53e/20",
  "deckHref": "/decks/019de077-1511-74ad-8779-d4a5bd51f53e",
  "deckJsonHref": "/decks/019de077-1511-74ad-8779-d4a5bd51f53e.json",
  "deckAnchorHref": "/decks/019de077-1511-74ad-8779-d4a5bd51f53e#slide-20",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.84,
        "x": 0.08,
        "y": 0.23
      },
      "kind": "callout",
      "text": "Chronic Succession Failures: Spent 8+ years planning succession, extended Mr. Iger's contract 5x, then effectively admitted in 3 years they made a mistake",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "895a234e-2639-48b8-9851-b4bdd9d3880d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.2,
        "x": 0.08,
        "y": 0.6
      },
      "kind": "list",
      "text": "05 | Kept Office and Pay: The Board paid Mr. Iger +$13mm more as Exec. Chair than it paid the new CEO; Mr. Iger reportedly \"didn't move out of the office he kept\" and \"called strategy meetings... without inviting the new CEO.\"",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "38a958ad-2a77-4a22-ab89-922b5f64b5ea",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.2,
        "x": 0.52,
        "y": 0.6
      },
      "kind": "list",
      "text": "07 | Abrupt Re-hiring: The Board reached out to Mr. Iger and hired him back over one weekend, calling into question whether any other candidates were considered; as Mr. Iger noted, he \"got the call Friday and was working Monday\"",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "39562776-41ea-421f-8785-ac3684c91825",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.2,
        "x": 0.74,
        "y": 0.35
      },
      "kind": "list",
      "text": "04 | Obscured Accountability: Disney's Board appointed Mr. Iger as Executive Chair with authority over \"creative endeavors\" for a 2-year period - an unprecedented structure that obscured leadership accountability",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "568e86ca-b88c-4440-918f-b99f3d8a7c6f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.2,
        "x": 0.3,
        "y": 0.6
      },
      "kind": "list",
      "text": "06 | Unanimous Extension?: Board unanimously agreed to extend Bob Chapek's contract in June 2022 and abruptly fired him 5 months later - a reversal we find difficult to believe a truly engaged Board would make",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5ea1b6b3-8696-4fca-a408-275461c11d03",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.2,
        "x": 0.08,
        "y": 0.35
      },
      "kind": "list",
      "text": "01 | Succession \"Plan\" Begins: In 2011, Disney's Board gave Mr. Iger his 1st contract extension through 2016 to \"provide for an effective, seamless succession\"",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8c6b8af2-e645-4690-8e53-4eaaebc5d4ec",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.2,
        "x": 0.74,
        "y": 0.6
      },
      "kind": "list",
      "text": "08 | Rinse and Repeat?: Now Disney's \"new\" Succession Planning Committee is composed of 3 out of 4 Directors who botched the last succession... its only \"accomplishment\" to date was to extend Mr. Iger's contract for a 6th time just ~8 months in",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a5a9f3da-bac5-4fa0-8142-f098c3d7305f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.2,
        "x": 0.52,
        "y": 0.35
      },
      "kind": "list",
      "text": "03 | Rushed Succession: ~1 year after the launch of Disney+, in 2020, Mr. Iger decided to expedite Bob Chapek's CEO interview process and recommended him as his successor - at a critical time in Disney's strategic pivot into streaming",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ae917a78-7de4-440a-8f89-b7c608c50dd3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.2,
        "x": 0.3,
        "y": 0.35
      },
      "kind": "list",
      "text": "02 | Repeated Extensions: Over the next ~6 years, the Board extended Mr. Iger's contract another 4 times over which time talented executives and succession candidates left Disney, creating a leadership void",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b2e41599-a363-4e1b-bdd2-9987e668ae3c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.7,
        "x": 0.08,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "Source: SEC filings, CNBC article titled \"Disney's Wildest Ride: Iger, Chapek and the Making of an Epic Succession Mess\" published by Alex Sherman on 09/06/23. Note: See pages 63 - 66 for supporting analysis.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "23b42a56-169a-4b92-93d9-b3c7abfef246",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.84,
        "x": 0.08,
        "y": 0.13
      },
      "kind": "title",
      "text": "The Board's Succession Failures Have Created a Leadership Void, an Inconsistent Strategy, and Organizational Dysfunction",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3128ee65-88ee-4e28-b945-daaf7c8c5ca6",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "antagonist-introduction",
      "slug": null,
      "matchId": "03130a36-e528-412f-a9e0-149e8b372aed",
      "evidence": "The slide frames the Board as the antagonist responsible for succession failures.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 76,
      "from": 17,
      "beatId": "158fe0c2-f6cc-4ac8-b261-074cb3e1f60b",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate (Make it worse)",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The document highlights the board's complacency, lack of accountability, and poor oversight on strategy and culture.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 76,
      "from": 17,
      "name": "Iceberg",
      "slug": "10-iceberg",
      "bestFor": "Consulting, complex problem solving, organizational change",
      "matchId": "3989da04-4616-439d-99cf-416eeb555de0",
      "evidence": "The document reveals the underlying issues with Disney's board, including complacency and lack of accountability.",
      "position": 1,
      "objective": "To reveal the underlying issues with Disney's board",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
      "confidence": 0.7,
      "description": "Reveal that the visible problem is merely a symptom of a deeper root cause"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}