Disney will be facing Nelson Peltz's Trian Fund Management in a proxy fight.
The activist firm said it owns about 9.4 million shares valued at approximately $900 million, which it first accumulated a few months ago. Trian said Wednesday it believes Disney “lost its way resulting in a rapid deterioration in its financial performance.”
Trian called out what it viewed as poor corporate governance on Disney's part, including failed succession planning, '"over-the-top'" compensation practices and Disney's lack of engagement with Trian in recent months. Peltz on Thursday said he only had a meeting with Disney's board that spanned about 45 minutes, but he never heard a response from them. A Disney representative didn't immediately respond to comment.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Disney and activist investor Nelson Peltz gear up for a proxy fightDisney also said Nike Executive Chairman Mark Parker would become the next chairman of its board.
Read more »
Disney snubs activist investor Nelson Peltz, names Nike’s Mark Parker as chairmanThe company on Wednesday named independent director and Nike Executive Chairman Mark Parker as its next chairman, replacing Susan Arnold, who will not stand for re-election.
Read more »
Disney, activist investor Peltz gird for fight over board seatActivist investor Nelson Peltz on Wednesday was gearing up for a proxy fight with Walt Disney Co after the entertainment giant snubbed his bid for a board seat.
Read more »
Disney Debuts Some New and Delicious Disney Munchlings PlushesNew Disney Munchlings are back as new, tasty, delightful characters from MickeyMouse, WinniethePooh and MonstersInc get a baked goods makeover
Read more »
Disney characters coming to Amazon Alexa with 'Hey Disney' commandAmazon recently offered a sneak preview of the Hey Disney experience during the Consumer Electronics Show. It will be available for purchase in the coming months.
Read more »