Trian, which owns
“As Disney’s largest active shareholder, we can no longer sit idly by as the incumbent directors and their hand-picked replacements stand in the way of necessary change, and peers and competitors continue to outperform,” Peltz, Trian’s CEO and a founding partner, said in a prepared statement.
The stock is up about 9% in the year to date, or just over a third of the gain of the benchmark S&P500 index.
Along with Peltz, Trian is planning to nominate
“As independent voices in the boardroom, Nelson and I are confident that the combination of my decades of experience at Disney, Nelson’s significant boardroom skills and history of driving positive strategic change, and our combined consumer brands expertise and financial acumen, will be additive to the Disney board,” Rasulo said in a statement.
Trian is looking to nominate Peltz and Rasulo to the Disney board at the company's 2024 annual shareholders meeting, which is expected to be held in the spring.
Disney confirmed in a statement that Trian has provided notice that it plans to nominate two individuals for its board. The
Disney continued to show support for its existing board.
“Disney has an experienced, diverse, and highly qualified board that is focused on the long-term performance of the company, strategic growth initiatives including the ongoing transformation of its businesses, the succession planning process, and increasing shareholder value,” it said in a statement.
Peltz's proxy battle with Disney has spanned nearly a year. In January Peltz sought to join
By February Peltz ended his push for a Disney board seat, one day after CEO
However, last month Trian decided to resurrect its proxy battle. Disney put out a statement at the time defending the company and its board.
Peltz has previously waged successful proxy battles at blue chip companies including DuPont and Procter & Gamble.
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