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Corporate Responsibility

DIS

Nelson Peltz, Trian Partners founder and CEO, plans to nominate himself and former Disney CFO Jay Rasulo to Disney's board at the 2024 annual meeting. Trian, owning close to 33 million shares worth $3 billion, is pushing for change citing Disney's underperformance compared to peers. Disney has resisted Peltz's attempts, emphasizing ongoing transformation and board refreshment. The proxy battle continues as Disney's stock has struggled since CEO Bob Iger's return, despite being up 8% YTD.

Portfolio Pulse from Adam Eckert

December 14, 2023 | 4:54 pm

DIS

Trian Fund Management, L.P. and affiliates intend to nominate two individuals to The Walt Disney Company's Board of Directors at the 2024 Annual Meeting of Shareholders. Disney's Board, focused on long-term performance and strategic growth, will review the nominations through its Governance and Nominating Committee and will file preliminary materials with the SEC, including the Board's recommended nominees. Shareholders are not required to take any action currently.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 4:52 pm

CHWY

Chewy, Inc. (NYSE:CHWY) has announced the launch of 'Chewy Vet Care,' its new pet health practices, with the first location opening in South Florida early next year. The service will offer routine appointments, urgent care, and surgery, and is designed to provide a seamless healthcare experience for pets, pet parents, and veterinary professionals. Chewy Vet Care will utilize Chewy's proprietary technology platform and aims to address industry pain points such as burnout and lack of flexibility for veterinary staff. The initiative is part of Chewy's broader health offerings, which include a pet pharmacy, tele-triage service, insurance and wellness plans, and a range of health products.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 4:50 pm

SDRL

Seadrill Limited (NYSE: SDRL) has announced an organizational change due to the consolidation of its corporate office in Houston, Texas. Executive Vice President and Chief Operating & Technology Officer, Leif Nelson, will not relocate and is leaving the company. Marcel Wieggers has been promoted to Senior Vice President - Operations, reporting to CEO Simon Johnson. Wieggers has been with Seadrill since 2009.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 4:48 pm

TSLA

Nordic institutional investors, managing $1 trillion in assets, have sent a letter to Tesla, Inc. (NASDAQ:TSLA) CEO Elon Musk urging the company to recognize collective bargaining agreements for its workforce in Sweden. The investors criticized Tesla for challenging the 'Nordic Model' by preventing mechanics at its Swedish repair shops from signing agreements that include fundamental rights. Danish fund PensionDanmark A/S has divested a $69 million stake in Tesla due to this conflict. The investors have requested a meeting with Tesla's board in early 2024 to discuss the issue. Tesla shares were trading higher by 3.3% to $247.20 at the last check.

Portfolio Pulse from Nabaparna Bhattacharya

December 14, 2023 | 4:41 pm

GM

GM's autonomous vehicle subsidiary, Cruise, is laying off 900 employees, or 24% of its workforce, following a series of safety incidents and regulatory actions. The layoffs primarily affect commercial operations and related corporate functions. This decision comes after Cruise's robotaxi fleet was grounded due to an October accident where a pedestrian was injured, and the company faced subsequent safety probes and leadership changes. Affected employees will receive severance packages, and the company is refocusing on launching a driverless L4 service in one city using the Bolt platform. GM supports Cruise's decision, emphasizing safety and long-term success.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 4:30 pm

BOX

Box, Inc. (NYSE:BOX) has launched three new consulting services to facilitate the adoption of AI in enterprises. These services, offered through Box Consulting, aim to help customers implement an AI content strategy securely and effectively. The services include AI Transform Services, AI Deploy Services, and AI Enable Services, each designed to cater to different organizational needs. Box's AI technology is included in all Enterprise Plus plans, and the company has seen hundreds of enterprises explore its AI capabilities since entering beta last month.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 4:03 pm

CHWY

Chewy hosts Investor Day and releases a presentation detailing key initiatives for 2024, which may include strategic plans, financial goals, and market expansion strategies.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 3:54 pm

META

Meta Platforms Inc. CEO Mark Zuckerberg is constructing a secretive $100 million compound on Kauai, Hawaii. The project, known as Kualoa Ranch, includes lavish amenities and has been underway since 2014. The use of NDAs and the compound's bunker-like features have sparked speculation and controversy. Zuckerberg has faced lawsuits over land acquisitions but also donated to local nonprofits. The trend of tech billionaires seeking secluded properties for privacy is highlighted by similar actions from Elon Musk, who is under investigation by the DOJ and SEC.

Portfolio Pulse from Rounak Jain

December 14, 2023 | 3:38 pm

DIS

Trian Fund Management, owning $3 billion of Disney stock, intends to nominate Nelson Peltz and James A. Rasulo to Disney's Board at the 2024 Annual Meeting. Trian criticizes Disney's performance, noting lower EPS than a decade ago and underperformance compared to peers and the market. They attribute this to a Board too connected to the CEO and disconnected from shareholder interests. Peltz and Rasulo are presented as experienced candidates capable of addressing Disney's governance and operational challenges.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 3:31 pm