Disney is facing a second proxy war in two years. Activist investor Nelson Peltz has nominated himself and former Disney CFO Jay Rasulo to the board of directors of Disney. Trian Fund Management’s firm owns roughly $2.5 billion in Disney shares. He has also criticized CEO Bob Iger and Disney for underperforming.
On Thursday, Nelson Peltz told CNBC, saying, “This board, from Bob to every independent director, has underperformed the S&P on every measure.”
Peltz, the father of Nicola Peltz, who married celebrity couple David and Victoria Beckham’s son Brooklyn Beckham, also said that Disney said he had no media experience. He didn’t claim that he had such knowledge. He added that he didn’t think “they have much media experience.”
The Thursday filing mentions that Trian wants Disney to “target and achieve Netflix-like margins” of 15 percent to 20 percent by 2027 and more, including growth in Disney’s Parks and Experiences unit.
The Thursday filing has not revealed the names of the directors who they will replace. The characters will be announced at a later date.
Nelson Peltz Goes To WAR Against Disney CEO Bob Iger & Board | CNBC Inte… https://t.co/PheRwVh1PQ via @YouTube #Disney #StockMarketNews #EntertainmentNews #waltright pic.twitter.com/2GpAleIJjJ
— Valliant Renegade (@ValliantRenegad) January 19, 2024
In December, Nelson Peltz had spoken of nominating himself to the Disney board as he slammed the entertainment giant for performing under par. He also called out the $30 million pay package given to Bob Iger last year, although Disney stock was underperforming.
This is Nelson Peltz’s second attempt at a proxy war with Disney. He made the first attempt in January 2023. He withdrew after Iger submitted a restructuring plan and laid off about 7,000 workers.
Disney stock did not perform well in 2023 and saw a fall of over 12 percent. This emboldened Nelson Peltz to embark on a second proxy war. Peltz has time till spring to get the board nominations, although it remains unknown if he has got any support from other large Disney shareholders.
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