Nikki Sermak January 18th, 2023 - 9:47 AM
Disney has come out on Tuesday against Trian Partners and owner Nelson Peltz, who were pushing to be activist investors on the seat of Disney’s board. Marvel chairman Issac Perlmutter backed Peltz and lobbied for him to be a board member. Meetings and calls were listed starting in the summer of 2022 with members, CEO Bob Chepek, CFO Christine McCarthy, directors Amy Change and Safra Catz, General Counsel Horatio Gutierrez, and now CEO Bob Iger.
“The current board is the right board for Disney shareholders,” the company said in a filing today with the SEC. “Nelson Peltz does not understand Disney’s business and lacks the skills and experience to assist the board in delivering shareholder value in a rapidly shifting media ecosystem.”
This battle has been playing primarily on the website of the Securities and Exchange Commission. Train filed many documents last week, insisting Disney shareholders vote for Peltz as director for the upcoming annual meeting. This move is in opposition to Disney’s nominated slate of directors. Trian said of Disney that they suffer from “self-inflicted wounds” and would benefit from direction and advice outside the company.
“Peltz, or Isaac Perlmutter (an employee and shareholder of Disney who currently serves as Chairman of Marvel Entertainment) on Peltz’s behalf, asked for a Board seat or suggested he should be added to the Board no less than 20 times since July 2022,” Disney said.
Disney proved its stream of financials, defending its track record with Iger increasing the shareholder value for the company since re-taking the reins in November.
“Peltz has no track record in large-cap media or tech, no solutions to offer for the evolving media landscape. And if MSG Sports is his training ground, it has not been a good one,” Disney said. Peltz has known James Dolan, owner of MSG for years and has a stake in the company.
Disney focused on its “strong, highly rated investment grade balance sheet,” and urged shareholders to carefully analyze Peltz’s positions “to differentiate fact from fiction.”
