(Reuters) -Walt Disney Co will name tech and media veteran Carolyn Everson to the board, the company said on Friday, calling a truce with activist investor Third Point.
The activist shareholder also agreed to not raise its stake in the entertainment and media conglomerate to over 2% and to vote in favor of the slate of directors nominated by Disney’s board. The hedge fund, led by billionaire investor Daniel Loeb, currently holds a stake of about $1 billion, or 0.4%, in Disney.
Third Point agreed to standstill provisions, including agreeing not to present and vote in favor of any proposal for consideration at any stockholder meeting.
Third Point said in August it plans to push the media company to make a string of changes, from spinning off cable sports channel ESPN to buying back shares and adding new board members.
Everson, 50, who is also a member of Coca Cola’s board has also worked with Meta Platforms’ Facebook where she ran the global marketing and ad sales team at an extraordinarily prosperous period for the social media giant.
Former Meta operations chief Sheryl Sandberg was also on the Disney board, but left in 2018. Most recently, Everson was president of Instacart and her career has included leadership roles at Microsoft Corp and Viacom parent Paramount Global.
(Reporting by Akash Sriram in Bengaluru; Editing by Krishna Chandra Eluri)
