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Nelson Peltz Intensifies Proxy Battle with Disney, Targets Board Members for Removal

Peltz's Trian Partners aims to replace two Disney board members with himself and former Disney CFO Jay Rasulo, setting the stage for a pivotal shareholder vote on April 3.

Overview

  • Nelson Peltz, through his Trian Partners, targets Disney directors Michael B.G. Froman and Maria Elena Lagomasino for removal, advocating for significant changes in board composition.
  • Disney's annual shareholder meeting scheduled for April 3, 2024, will be the battleground for the proxy fight, with Trian and Blackwells Capital proposing alternative board nominees.
  • Peltz criticizes the targeted board members for lacking experience relevant to Disney's businesses and overseeing misaligned compensation practices.
  • Trian controls about $3 billion worth of Disney shares, with significant backing from former Marvel Entertainment chairman Ike Perlmutter.
  • Disney formally rejects Trian's nominations of Peltz and Rasulo, as well as Blackwells' candidates, emphasizing the need for strategic insight and experience in its board composition.