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Technology


DISNEY URGED BY ACTIVIST TO CREATE CORPORATE CTO ROLE

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The Disney+ website on a laptop computer. 

Photographer: Gabby Jones/Bloomberg
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WALT DISNEY CO/T
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By Crystal Tse
February 26, 2024 at 12:01 PM GMT+1
Updated on
February 26, 2024 at 4:56 PM GMT+1
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1:59

Walt Disney Co. should appoint a corporate chief technology officer and focus on
technology “transformation,” according to one of the activist investors pressing
the company for change.

Blackwells Capital contends the entertainment and media giant should have an
overarching CTO who oversees innovation. The Burbank, California-based company
would also benefit from organizing its venture investments into a single
vehicle, Blackwells said in a presentation reviewed by Bloomberg News.

Disney’s CTO duties are currently split between two people — one is in charge of
entertainment and ESPN, while the other looks after parks and experiences.

“Disney will never be valued as a technology firm, until it begins to think like
a technology firm,” Blackwells said.

The investor criticized Disney for underspending on research and development and
said it should be investing in innovation around artificial intelligence and
spatial computing.

Blackwells said the Disney board lacks directors with experience in technology
and entrepreneurship. Only one board member — Amy Chang, former executive at
Cisco Systems Inc. and eBay Inc. — is experienced in technology, the investor
said.



The activist investor has nominated three directors including the managing
director at venture capital firm Fuel Capital, Leah Solivan, who Blackwells said
can support and identify technology initiatives for companies.

Disney has a business incubator program that it’s used to mentor and invest in
young technology companies for the past 10 years.

Read More: Disney Leans on AI in Latest Class of Startup Investments

Another, larger, activist investment fund, Trian Fund Management, has criticized
Disney’s sports strategy as well as its recent investment in Epic Games Inc.
Trian has nominated two directors to be voted on at the company’s annual general
meeting on April 3.

Disney reiterated to its shareholders on Monday that they should reject the
slates put forward by Blackwells and Trian.

“The dissident nominees are unqualified and have no meaningful plan to deliver
superior shareholder value,” the company said in a letter to investors.



(Updates with Disney’s response in last two paragraphs.)

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