Activist investor Nelson Peltz and his firm, Trian Fund Management, are seeking seats on Walt Disney Co.’s board in the latest episode of his proxy fight.
Trian Fund Management said Thursday it “intends to take our case for change directly to shareholders.” The firm claims Disney offered to set up a meeting with the media giant’s board, but rejected Trian’s bid to join the board, which includes the addition of Peltz.
The fund further claims Disney
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shareholders have lost about $70 billion in value since the activist ended its first campaign in February.
Trian, which controls roughly $3 billion of Disney stock, plans to take its case directly to shareholders. Peltz hasn’t publicly disclosed his road map for Disney, but is an aggressive cost-cutter with a track record of pushing the companies he targets — ranging from retailers to chemical manufacturers and fast-food chains. Disney has already vowed to slash $7.5 billion in costs in 2024.
In a series of interviews this week, Disney Chief Executive Bob Iger said the company is transitioning from a period of fixing to that of building Disney into a modern media company.
In an interview Wednesday at the New York Times’ DealBook Summit, Iger said Disney will consider Peltz’s request. Disney’s next shareholder meeting will take place in the spring.
Late Wednesday, Disney refreshed its board with the additions of Morgan Stanley
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CEO James P. Gorman and Sir Jeremy Darroch, former group chief executive of Sky.
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