Across the Board
Ike Perlmutter Laid Off from Disney
Perlmutter, Chair of Marvel Entertainment, agitated for changes to the board.
"Disney confirmed the move. Mr. Perlmutter, 80, was told by phone on Wednesday that Marvel Entertainment, a small division centered on consumer products and run separately from Marvel Studios, was redundant and would be folded into larger Disney business units, according to two Disney executives briefed on the matter, who spoke on the condition of anonymity to discuss a sensitive personnel matter…Mr. Perlmutter contacted Disney board members and senior Disney executives six times from August to November to push for (Nelson) Peltz to join the board, according to a securities filing. When he was rebuffed, Mr. Peltz started a proxy battle to put himself on the board, saying he would cut costs, revamp Disney’s streaming business and clean up the company’s messy succession planning.” THE NEW YORK TIMES
Elliot Retreats from Salesforce Director Bid
Advocate investor Elliot Management was left “deeply impressed” by Salesforce's higher than expected recent performance.
“Elliott Management has scrapped plans to nominate directors to the board of Salesforce after the software group delivered a better than expected earnings report in March and promised to focus on profits. In a joint statement released on Monday, Elliott said it would not nominate rival directors to the Salesforce board at its upcoming annual meeting since it had put a ‘clear focus on value creation’.” FINANCIAL TIMES
Macy’s CEO to Retire
Jeff Gennette leaves the helm of Macy’s and gives advice to future leaders: Know your customer and keep it simple.
“Jeff Gennette, chief executive of Macy’s Inc., one of the world’s biggest department-store chains, is retiring next year after steering it through several crises and handing the reins to one of his lieutenants.” THE WALL STREET JOURNAL
Former Aetna CEO takes the helm at Oscar Health
Mark Bertolini joins as part of health insurer’s push turn a profit in 2024
“Bertolini, who sold Aetna to CVS Health Corp in 2018 for $69 billion, will replace Mario Schlosser as the CEO of Oscar Health next month. Alphabet Inc-backed Oscar Health also runs a telehealth platform to help patients schedule physician visits, check lab results, make emergency virtual appointments and refill prescriptions through its mobile app and online platform.” REUTERS
McDonald's Sees Two Longtime Directors Retire
After 20 years of board service, Robert Eckert and John Rogers announce their retirement.
“Robert Eckert and John Rogers, who each joined the McDonald’s board of directors on the same day in 2003, are stepping down at the same time in 2023. The fast-food burger giant on Wednesday said that Eckert and Rogers are retiring from the board of directors as of the 2023 annual shareholders meeting. The company said their departures 'are consistent with the board’s commitment to ongoing refreshment that maintains an appropriate balance of continuity and institutional knowledge with fresh perspectives among directors.'” RESTAURANT BUSINESS
How Effective Board Leaders Move from Good to Great
Check out these three key performance indicators that take a board leader from good to great in the boardroom.
“Effective board leaders relentlessly focus board goals and processes to achieve corporate goals for the benefit of both stockholders and stakeholders. But what elevates a lead director from good to great are three key performance indicators (KPIs), namely the ability to lead, remain relevant, and foster the curiosity of all directors.” NASDAQ
Governance During a Period of Uncertainty
Internal and external audiences are impacted differently during times of uncertainty. This will change the scope of director work.
"Companies will be affected in a variety of ways by the receivership of Signature Bank, Silicon Valley Bank and any financial institution faced with a similar crisis. Companies may face both liquidity and solvency challenges, and the resulting constraints may lead to difficult decisions, including prioritizing the uses of limited cash. Board oversight of resulting decision-making will be implicated in many cases...Boards and officers should coordinate with inside counsel and outside counsel as needed to assure compliance with applicable laws, including those concerning director and officer duties.” MONDAQ
Understanding the Nuances of a Board Seat
Do you want to serve on a public or private board? It helps to know the difference.
"Compliance professionals can fill in critical expertise gaps on corporate boards and also benefit from the experience. A board seat offers an opportunity to expand your network, find fulfilling ways to share your knowledge and advice, pick up fresh ideas from another company that you can apply to your own and expand your options for the later stages of your career.” CORPORATE COMPLIANCE INSIGHTS
