Trian Partners Officially Nominates Nelson Peltz and Jay Rasulo For the Disney Board
Nelson Peltz has officially launched his second proxy fight with The Walt Disney Company in as many years.
The activist investor’s Trian Partners has formally nominated Peltz and former Disney CFO Jay Rasulo to Disney’s board of directors.
Interestingly, Trian’s preliminary proxy filing did not specify which Disney board members it intended to replace. Instead, the latest filing highlighted Disney’s stock performance and the board’s lack of ownership of Disney shares as reasons for launching another proxy fight.
“The Trian Nominees are committed to working with other members of the Board and Disney’s management team in order to reorient the Company towards delighting its consumers again and driving significant value for its owners,” Trian wrote in the filing.
“Most importantly, we believe that they would bring greater focus, alignment, and accountability to the boardroom.”
What Peltz and Trian Want to Accomplish
Trian additionally noted that it would push Disney to “target and achieve Netflix-like margins of 15-20% by FY 2027″ and finally complete a CEO succession, and launch a “board-led review of creative processes and structure to restore leadership accountability.”
In a statement, Peltz promised to present a “full presentation to shareholders.”
“But to be clear, Disney needs to again be the beacon of strategic clarity and exceptional execution it once was,” he added. “No Disney shareholder should be content with the current strategic muddle or have to endure failed execution without accountability.”
Disney Blasts Peltz
In their own filing yesterday, Disney blasted Peltz’s bid for a board seat, bluntly stating that he had no strategic ideas to offer.
“In a two year quest for a seat on the Disney Board, Mr. Peltz had not actually presented a single strategic idea for Disney; that his assessment of Disney seemed oblivious to the ongoing secular change in the media industry,” Disney wrote.
Fueled by the holdings of former Marvel president Ike Perlmutter, Nelson Peltz is officially back. Now, a showdown is looming.
Thanks for visiting MickeyBlog.com! Want to go to Disney? For a FREE quote on your next Disney vacation, please fill out the form below. One of the agents from MickeyTravels, a Diamond level Authorized Disney Vacation Planner, will be in touch soon! Also, thanks for reading!