iStock.com/RinoCdZ
Trian Fund Management Withholds Votes in Disney Proxy Battle
March 25, 2024
In the ongoing proxy tussle between Trian Fund Management and entertainment titan Disney, Nelson Peltz’s firm has opted to withhold its votes from Disney CEO Bob Iger. This decision, while not entirely surprising given the contentious nature of the battle, raises eyebrows about the potential discord in Disney’s boardroom if Peltz secures a seat next month.
Sources monitoring the situation revealed that Trian Fund Management, led by Nelson Peltz, chose not to throw its weight behind Bob Iger in the proxy vote, adding a layer of intrigue to the impending board meeting scheduled for April 3. This move contrasts with Trian’s prior proxy recommendations and appears discordant with Peltz’s public stance of cooperation with Disney’s management.
Disney’s recent aggressive stance against Trian and Peltz, including a presentation titled “Correcting Trian’s Fact With Fiction” adorned with an image of Pinocchio, underscores the escalating tension. Peltz, however, asserts his intentions to support rather than oust Iger, a sentiment reiterated in a recent Financial Times interview.
“Disney is stupid because I’m not trying to fire Bob Iger, I want to help him,” Peltz stated. “We don’t fire CEOs.”
Amidst the crossfire, Disney has nominated a slate of 12 directors, including Iger himself. Trian, on the other hand, recommends shareholders to vote for Peltz and former Disney CFO Jay Rasulo while withholding support for Disney’s nominees Maria Elena Lagomasino and Michael Froman, both current board members.
Despite Trian’s relatively modest stake in Disney, hovering around 1.5% of outstanding shares, the alignment with former Marvel Entertainment Chairman Ike Perlmutter adds weight to Peltz’s proxy endeavors.
As the board meeting draws near, speculation looms over the potential outcomes, with the possibility of Trian altering its vote before the decisive day. With stakes high and tensions mounting, the Disney boardroom braces for a pivotal chapter in its corporate saga.
Recent News
Indeed Announces 1,000 Workers Will Be Laid Off
The job search engine is experiencing some layoffs of its own.
Walmart To Lay off Hundreds of Corporate Staff Members
Walmart is set to lay off hundreds of its corporate staff members. The retail giant will also ask their remote workers to return to the office on a hybrid schedule.
Diamond Industry Shakeup: Anglo Divorces De Beers
The diamond industry is facing a seismic shift as Anglo American Plc announces plans to part ways with its iconic De Beers business.
Home Depot’s First-Quarter Revenue Disappoints
Home Depot, a major player in the home improvement retail sector, recently released its fiscal first-quarter earnings, revealing a complex picture of consumer behavior influenced by economic factors. While the company’s earnings per share exceeded expectations, its revenue fell short, indicating a trend of deferred spending among customers.