Disney announced it would appoint tech and media executive Carolyn Everson to its board with the support of activist investor Third Point Management, according to reports.
Third Point, led by billionaire Daniel Loeb, disclosed a 0.4% stake in Disney in August, which is now worth around $600m.
The hedge fund was reportedly seeking to push Disney to reshape its board, buy out Comcast’s remaining minority stake in Hulu to integrate the platform directly into Disney+, and spin off sports channel ESPN, among other proposals.
According to Reuters, however, any such proposals have now been put on hold until 2024 so long as Everson remains on the board.
Per Reuters, Third Point has also agreed not to raise its stake in the company above 2%.
Everson has previously worked as an executive for Viacom, Microsoft, Facebook, and Instacart. She also holds board positions at the Creative Arts Agency and Coca-Cola.