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AND F
Obligations
Activist investor Nelson Peltz and his firm are seeking more than two seats on Disney’s board, according to a person familiar with the matter, setting the stage for a proxy fight.
Trian Fund Management, co-founded through Peltz, said Thursday morning that it “intends to make our case for the update to shareholders. “
Disney, for its part, said the proxy fight stemmed from a personal grudge held by one of Peltz’s allies, former Marvel chief Ike Perlmutter.
Trian said Disney would offer the day before to hold a meeting with the entertainment giant’s board of directors, but rejected Trian’s offer to join the board, adding the addition of Peltz. Trian did not say how many seats he plans to run for.
Trian declined to comment on his statement.
The news came the morning after Disney added Morgan Stanley chief executive James Gorman and former Sky TV chief Jeremy Darroch to its board of directors, a move widely noted as an attempt to fend off a potential challenge from Peltz. Former Illumina CEO Francis deSouza will seek to re-elect the board of directors.
“While James Gorman and Sir Jeremy Darroch are an improvement over the prestige quo, the addition of these managers will not, in our view, repair investor confidence or address the root cause of the significant price destruction and missteps that this board has overseen. Trian said in a statement.
Disney’s stock is up about 6% this year, underperforming S.
Trian said he owns about $3 billion worth of Disney stock. The company oversees shares owned by former Perlmutter, a critic of Disney leader Bob Iger, whom the company fired earlier this year.
Disney fired back Thursday, saying Perlmutter has an ax to grind against Iger. Perlmutter has long complained that Disney had spent too much.
Peltz, in partnership with Isaac Perlmutter, a former Disney executive, intends to take his case to shareholders. Perlmutter owns 78% of the shares Mr. Peltz claims to own, or more than 25 million of the 33 million shares,” Disney said in a statement.
“This dynamic is applicable to the evaluation of Mr. Peltz and any other candidate he might propose as a director, as Mr. Perlmutter was fired from his position at Disney earlier this year and has expressed his long-standing private agenda against it. Disney CEO Robert A. Iger, who would possibly be different from all other shareholders,” the company added.
Peltz had previously campaigned for a seat on Disney’s board of directors after Trian acquired a stake of about $800 million in Disney. After Iger unveiled a sweeping restructuring of the company in February, prompting layoffs and cost-cutting, Peltz refrained from a proxy fight. .
But Peltz reignited his efforts in the run-up to Disney’s quarterly earnings report earlier this month. The activist investor was waiting to see what would happen with the report on whether he should act, CNBC has reported in the past.
Iger on Tuesday said he was focused on “building again” and intends to focus efforts on theme parks, ESPN’s upcoming streaming service and improving the studio business.
CNBC’s Alex Sherman contributed to this report.
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