Bob Iger Responds to Nelson Peltz’s Latest Play For a Board Seat
Nearly 10 months after his bid for a seat on The Walt Disney Company’s board was foiled by the return of Bob Iger, activist investor Nelson Peltz is back for round two.
Reinforced by a longtime ally, and perennial thorn in Bob Iger’s side, former Marvel head Ike Petterman, Peltz’s Trian Fund Management now has oversight of $2.5 billion of Disney shares.
With Disney’s stock now hovering around a 10-year low, Peltz is primed to make another move for a seat on the Disney board.
Iger Responds to Peltz’s Posturing
Following Disney’s Q4 Earnings Report, CEO Bob Iger sat down with CNBC to push back against Peltz’s latest play and attempt to reassure Walt Street that Disney is heading in the right direction.
During the interview, Iger revealed that while he did receive a call from Peltz, he is not clear on what the activist investor’s plans are.
While the Disney CEO wouldn’t get into the mud with Peltz, he did say that the board was always willing to hear from its shareholders.
“I will say as has been in the past, management and the board are always willing to listen to what shareholders have to say”
With Disney’s stock down over 20% since Peltz’s last proxy battle, Disney’s stock price has been under a microscope lately.
In response to Disney’s declining stock prices, Iger was quick to point out that he is concerned mostly with the company’s long-term growth.
“We don’t manage the stock price for short-term gains..we have a long-term view”.
Peltz May Have Missed His Window
Reports earlier today indicated that Peltz would wait until after the Disney earnings call to officially make his next move.
Disney’s Q4 results were a big boon for Iger. The company beat its earnings projections and saw a huge increase in streaming subscribers.
With linear television hanging on better than expected and streaming pushing toward profitability, Peltz may have missed his chance to make his case for a board seat.