Billionaire Nelson Peltz Loses His War Against Disney
For more than a year, activist investor Nelson Peltz has tussled with Disney executives in an effort to gain more influence over the company, culminating in an all-out proxy battle to secure two seats on the board. Based on preliminary results released on Wednesday, shareholders rejected Peltz’s advance, the company said. They also rejected Peltz’s attempt to win a seat for former Disney executive James Rasulo.
Peltz’s firm, Trian, argued that Disney CEO Bob Iger has failed to establish an adequate succession plan and that the firm has mismanaged executive compensation and expenses. Iger initially served as CEO for 15 years before stepping down in 2020, when he passed the torch to Bob Chapek. Less than three years later, he returned after growing unhappy with Chapek’s performance.
Disney’s battle with Peltz heated up in 2022, when the billionaire first broached the topic of board representation. The company rebuffed him, and it appeared the two sides might square off. Trian even sought to embarrass Iger, claiming in a public filing that he tried to schedule a board meeting around plans “to sail his yacht off the coast of New Zealand.”