Report: Disney fends off Peltz over board seats
The Walt Disney Co. has amassed enough shareholder votes to fend off a challenge to its board led by Nelson Peltz’s hedge fund Trian Fund Management, according to a report by Reuters.
As of Tuesday evening, the votes indicate that Disney’s board directors are in a secure lead over Trian’s two contenders, which include Peltz and former Disney chief financial officer Jay Rasulo. The three board candidates proposed by investment firm Blackwells Capital also failed to win enough votes.
The official vote counts will be announced at Disney’s 2024 annual meeting of shareholders today, including remarks by management will be available live via webcast at www.disney.com/investors beginning at 1 p.m. ET/10 a.m. PT on April 3, 2024.
While it appears Disney has won sources told Reuters there could be potential changes in shareholder votes during today’s proceedings.
Disney, Trian and Blackwells have refrained from offering any remarks on the issue so far, according to Reuters.
Peltz is the co-founder and CEO of the alternative asset management firm Trian Partners, which controls about a $3.5 billion stake in Disney. He previously waged successful proxy battles at Procter & Gamble and Heinz. Peltz attempted to get on the board in 2023.
He has claimed that Disney has lost its way and failed in the succession planning for CEO Bob Iger.
In March, Trian released a 133-page paper outlining Peltz’s plans for the company, which include completing a successful CEO succession, aligning performance-based compensation with shareholder value, and developing a strategy to reach margins similar to Netflix’s 15-20% by 2027.
Keeping checking back with us here at DisneyDiary.com for updates.
