The Walt Disney Company held its annual shareholder meeting in Portland this year. Why Portland? The only reason given was Disney’s connection to Oregon’s Donald Duck-esque mascot. Disney moves the meeting around each year to attract shareholders across the country and this year was no exception. Many in attendance were first time attendees, but others were shareholder staples.
It should be noted that across from the theater where the meeting took place, there was a Potbelly Sandwich Works eatery. Board Member Aylwin Lewis is CEO of that company. So following the meeting I joined my fellow shareholders for lunch to show our support. The staff there was caught a bit off-guard as none mentioned that Bob Iger was going to suggest that a couple hundred Disney shareholders stop for lunch. I talked to some of the employees over there and they did mention that Mr. Lewis did stop by the day before, and that he was quite nice. However, I digress.
Instead of the usual Disney melodies, they had a Radio Disney DJ spinning Radio Disney standards. While it took some time to get used to, it was nice to have a different musical style as we waited for the meeting. Disney characters were on hand to meet and greet shareholders. If there was one theme to the meeting it was the company’s pride in Frozen. The sisters graced the traditional giveaway pin, which until this time exclusively featured Mickey. Bob even featured the video of “Let It Go” sung in over 20 different languages. There is a great reason to be proud of the film, as it is set to be the most successful animated film of all time, eclipsing Toy Story 3.
The meeting began with the typical sizzle reel, which provided some very early glimpses of 2015’s Cinderella. And then Bob Iger took the stage. He discussed the various business units and where they are headed. Starting with the studios, he discussed that Muppets Most Wanted was about to be released closely followed up with Captain America: The Winter Soldier he shared a clip of Steve Rodgers (Captain America) meeting Sam Wilson (the Falcon) before moving on to Guardians of the Galaxy. He showed the new trailer of Maleficent which got a great reception and an image from Brad Bird’s Tomorrowland. He then he moved to animation. He showed some concept art for Disney Animation’s Big Hero 6. He briefly touched on Pixar’s upcoming original films, the delayed The Good Dinosaur and Pete Docter’s Inside Out. (Note: No mention of Lee Unkrich’s Day of the Dead film). Bob then mentioned that Pixar is also working on sequels such as the previously announced Finding Dory. He then revealed that Pixar is working on a Cars 3 and that Brad Bird is working on the story for a new Incredibles film. Of course many were waiting to hear about Star Wars and Bob did show a concept image of a shadowy figure wielding a red lightsaber. Bob did confirm that the Episode VII will take place 30 years following the events of Return of the Jedi and that the cast will feature familiar characters and fresh faces. Although he did not reveal who is in the cast, with the exception of confirming that R2-D2 has already signed on.
He then moved on to ESPN, the world wide leader in sports. He showed some concept art of the new SportsCenter set which is scheduled to premiere May 26. He quickly moved to Parks & Resorts highlighting that Walt Disney World, Hong Kong Disneyland, and Tokyo Disney Resort have set attendance records last year. He also discussed the rollout of MyMagic+, which has already been tested by over a million guests. One shareholder shouted out his love of MyMagic+, much to the delight of Bob. He also revealed one of the lands at Shanghai Disneyland. Pirates Cove will be a land dedicated to Pirates and will feature a new version of Pirates of the Caribbean. Pirates of the Sunken Treasure will be the first version to be based on the popular film franchise.
Disney moved to non-certificated stock earlier this year, as most companies move toward electronic record keeping. However Disney understands that many want a commemoration of their ownership interest. Disney revealed their new commemorative certificate that will be available this fall. It features Walt, Mickey, superheroes, and R2-D2. It is very interesting to see all of Disney’s characters and franchises represented with Walt. In my opinion, it is really cool how Walt’s legacy has grown beyond his own creation and it is neat to see that represented in graphical form.
Finally Bob announced that the next D23 Expo will be held in Anaheim August 14-16. D23 had a decent presence at the meeting. They gave away keychains in the lobby and also held a Maleficent preview event following the meeting.
Then Bob began the business portion of the meeting. Here Disney elects directors, selects their accountants, and considers shareholder proposals. The major potential for tension was diverted due to a last minute deal that diverted a shareholder proposal. In fact, there were no questions asked by any shareholder during the business portion of the meeting and the board’s recommendations were all agreed to.
Now for question and answer time. The first shareholder asked why there are not graphics in the annual reports anymore. Bob agreed that he liked the old visual presentation and put Zenia Mucha, head of communications, on the spot as to why they stopped. He eventually said that not many folks read the report, but based on Bob’s reaction I would not be surprised to see pictures return.
Two people addressed ABC News. One was concerned about the perceived bias of the division while another was concerned about a loss of ABC News talent to CNN. Bob stood by the decisions made by ABC News and also used the opportunity to recognize Good Morning America for becoming the number one morning program.
Another shareholder addressed the capacity challenges of the Finding Nemo Submarine Voyage and proposed that the current refurbishment be a gateway to replacing the attraction with something else. Bob stood by the subs and said they will remain for the foreseeable future.
One shareholder asked about the deemphasis of pin trading at the parks with the removal of several pin trading locations. Bob addressed this that the pin trading locations lowered the quality of the guest experience for those that did not participate. To view the rest of the questions asked, check out our liveblog.
Following the Q&A, the meeting was adjourned. While the meeting lacked some of the drama of previous years, it did have several big announcments. It was also neat to see bob Iger become more comfortable. He was able to keep good humor and provide quick responses. He really seemed to enjoy himself which is in stark contrast to the stiff Bob that came into the CEO position eight years ago. 2015 is going to be a big year, and it will kick off with the 2016 shareholder meeting next March. I’ll see you there!