Nelson Peltz Presents Arguments for Board Membership at Disney

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The Trian Group, led by Nelson Peltz, has formally requested Disney shareholders to vote for him and former Disney executive Jay Rasulo in the upcoming annual meeting this spring. Peltz, an activist investor allied with Ike Perlmutter, holds approximately $3 billion worth of Disney stock.

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In Trian’s recent proxy statement, the group reiterated its concerns about Bob Iger’s leadership, claiming that Disney has significantly underperformed compared to its peers and potential. Trian also urged shareholders to withhold votes for three nominees proposed by another activist investor, Blackwells—Craig Hatkoff, Jessicasl Schell, and Leah Solivan—arguing that they lack the relevant experience and qualifications.

Nelson Peltz Seeks Board Seats at Disney (DIS) After Boosting Stake -  Bloomberg

Disney, on the other hand, considers all five nominees, both from Trian and Blackwells, as unqualified. The company responded earlier, stating that Peltz had not presented any strategic ideas for Disney. It also mentioned that Rasulo, having been out of the business for an extended period, would offer an outdated perspective. Disney expressed doubts about Rasulo’s ability to work constructively with Iger, especially since he was passed over for the CEO position in 2015.

In a CNBC interview, Peltz criticized Disney’s board, highlighting that the entire board, including Bob Iger, collectively owns less than $15 million worth of stock. He argued that this level of commitment is inadequate, considering the compensation they receive as directors or officers of the company. Peltz also criticized Bob Iger for taking a billion dollars out of the company during his tenure, pointing out that despite a salary of $31.5 million last year, Disney’s earnings were down, missing targets, and the stock value had declined.