Nelson Peltz bolsters Disney stake, seeks board position
Investment activist Nelson Peltz is mounting another proxy battle with Disney after his firm, Trian Fund Management, increased its stake in Disney to about 30 million shares, according to a report in the Wall Street Journal.
Trian Fund Management plans to push for multiple seats on the board, including one for Peltz, according to the report. Earlier this year Peltz threatened a proxy battle seeking a seat on the board until CEO Robert Iger came up with a plan to save $5.5 billion and laying off 7,000 people
If Disney rejects Trian’s proposal, the firm could nominate directors during the open window to be voted on at the company’s annual meeting in spring 2024. The nomination window for new board members opens on Dec. 5 and runs through Jan. 4.
