Cathryn Goh

speaker

250 appearances 1 recordings 1 series first heard May 2021 last heard May 2021

Cathryn Goh’s voice in public audio — every appearance, attributed to the second.

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Australian Finance Podcast · Investment Case Study: The Walt Disney Company (NYSE: DIS) · 10 May 2021 podcast

Yep.

So in terms of incentives, we're looking at how the management team are incentivized.

So as potential shareholders, we're investing for the long-term and we want to make sure that the person running the business is aligned with shareholders and has a similar long-term mindset.

So with incentives, one of the things we look for is skin in the game, which essentially just refers to whether or not management own shares in the company that they run.

As a saying goes, CEOs of public companies will only buy shares in the company for one reason, i.e.

they think the share price is going to go up, but they'll sell their shares for many.

So ideally you want your CEO and management team to own lots of shares in the company that they run because having their own wealth tied up in shares of the company, it should compel them to work harder and to do the right thing for the company and for shareholders over the long run.

Yeah, so looking at the management team at Disney, I think the name that most people would be familiar with is Bob Iger.

So Bob became the CEO of Disney in 2005, but he'd been working for companies that are now part of Disney since the 1980s.

So with Bob, you've got a person with a wealth of industry experience and a tremendous track record.

So he oversaw the acquisitions of Pixar, Marvel, Lucasfilm, 20th Century Fox.

And he's also got plenty of skin in the game.

So he holds around 1.3 million shares, which based on the current share price of around $180, it's worth around $240 million.

But yeah, so last year, some people might remember that Bob stepped down from the CEO position and is now on the board and another Bob, Bob Chapek, replaced him.

So this was an internal hire.

He'd been part of Disney's succession plan and he's been with Disney for about 30 years across different parts of the business.

Yes, which makes sense for a company like Disney, which does so much and has so much going on under the hood.

Yeah, I think there have only been maybe six or seven CEOs in Disney's history.

Yeah.

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