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Disney: board battle won against Nelson Peltz

April 04, 2024 at 10:07 am EDT

Disney announced on Wednesday that its shareholders had approved the appointment of the twelve board members officially backed by the group, thus thwarting the plans of activist investor Nelson Peltz, who was seeking two seats on the board.

The news sent the stock down by more than 3% on the New York Stock Exchange yesterday, but the American entertainment giant's shares recovered by around 0.4% on Thursday morning.

Disney announced last night that, following its annual general meeting, its shareholders had expressed their confidence in the board of directors currently chaired by Mark Parker, the former CEO of Nike, and including Mary Barra, the current CEO of GM, and James Gorman, the former boss of Morgan Stanley.

This vote puts an end to a proxy fight that had been going on for many months, since Trian, Nelson Peltz's investment fund, had been demanding two seats on the board since the beginning of the year.

Unhappy with Disney's performance, Trian is challenging the strategy implemented by the media group and calling for the appointment of a new CEO with a view to boosting profitability deemed far below that of competitors such as Netflix.

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Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
WALT DISNEY COMPANY (THE)	112.1 USD	-0.58%	-1.43%	207B
NETFLIX, INC.	559.5 USD	-0.31%	-3.16%	242B
NIKE, INC.	94.06 USD	-0.06%	+0.04%	142B
GENERAL MOTORS COMPANY	46.04 USD	+0.44%	+2.08%	52.28B
MORGAN STANLEY	92.11 USD	+0.14%	-1.76%	151B

Nelson Peltz

Nelson Peltz (born June 24, 1942) is an American businessman and a founding partner, together with Peter W. May and Edward P. Garden, of Trian Fund Management. L.P., an alternative investment management fund, based in New York.

Early life and education
Peltz was born in 1942 to a Jewish family in Brooklyn, New York, He was enrolled at the undergraduate program at the Wharton School of the University of Pennsylvania, where he joined the Fraternity of Phi Gamma Delta, but never completed his degree. Triangle was sold to Pechiney in 1988.

In 1997, through an investment vehicle they controlled, Triarc Cos, Peltz and May acquired Snapple, from Quaker Oats. Snapple, together with other beverage brands was sold to Cadbury Schweppes in 2000. The Snapple turnaround was featured as a Harvard Business School case study.

In 2006 Trian was involved in a proxy contest with Heinz to get five independent directors on the board of Heinz. In the end Trian succeeded in getting two members on the board, including Peltz.

In 2007, Trian bought a 3% share of Cadbury-Schweppes which may have influenced the spin-off of Cadbury Schweppes Americas Beverages from the Cadbury Schweppes confectionery group. In 2007, Trian also bought $1.8 billion in shares of Kraft Foods, roughly a 3% of the total equity of the food maker.Cite news| url = |title= Peltz Has His Slic

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Linked companies
Trian Partners General Partner LLC Trian Partners General Partner LLC Miscellaneous Commercial ServicesCommercial Services Trian Partners General Partner LLC provides business services related to hedge funding. The company is the general partner of Trian Onshore, Trian Offshore, and Trian Offshore (Non-ERISA). It is located in New York, NY.	Chief Executive Officer
Trian Fund Management LP Trian Fund Management LP Investment ManagersFinance Trian Fund Management LP (Trian) is an independent, SEC-registered investment advisor and hedge fund manager headquartered in New York City. The firm was founded by Nelson Peltz, Edward Garden and Peter May in 2005 and do-business-as Trian Partners. Trian provides discretionary investment advisory services to a variety of domestic and offshore private investment partnerships and other investment vehicles.	Chief Executive Officer

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