Activist Investor Nelson Peltz Eyes New Push for Disney Board Seats After Boosting Stake

The activist investor Nelson Peltz is making another play for The Walt Disney Co. In February, Peltz ended his proxy battle with Disney in a big win for CEO Bob Iger, but with the Hollywood giant’s stock remaining under pressure despite reorganization moves, Peltz is eyeing a renewed push for board seats, according to a source familiar with the matter. Peltz’s hedge fund Trian Fund Management, already one of the company’s largest shareholders, has acquired further Disney shares, bringing the value of its stake to more than $2.5 billion. Trian is expected to request multiple seats on Disney’s board of directors, including one for Peltz, the source says. If Disney does not agree to this, the fund may look to again nominate alternative directors ahead of the Hollywood conglomerate’s annual meeting in the spring. The source added that Trian gave Disney and Iger time to turn the company around after the CEO announced a turnaround plan back in February, but that the stock slump spurred on the decision to make a new board play. The fund feels the Disney board should strengthen its alignment with shareholders given Disney’s stock has fallen from around $113 in early February to $82.94 as
Read More