The battle for control of Walt Disney's board has taken a new turn as Trian Fund Management has nominated two directors to join the House of Mouse.
Nelson Peltz, CEO of Trian, has nominated himself and James "Jay" Rasulo, former CFO at Disney, who has a long history with the company.
In a statement, Peltz expressed his confidence in his and Rasulo's abilities, stating that they possess the necessary strategic, operational, financial, and governance expertise to address the underlying issues affecting Disney's performance.
This is not Peltz's first attempt to influence Disney's board. Earlier this year, he abandoned a proxy battle due to what he saw as ongoing poor performance at the company, despite significant cost-cutting measures.
Peltz believes that the root cause of Disney's problems lies with a board that is too closely connected to CEO Bob Iger and not focused on shareholder interests.
Although Disney's shares have risen by 8% this year, they have plummeted by over half from their all-time high in March 2021.
While Disney has acknowledged Trian's nominations, the company maintains that it already has an experienced, diverse, and highly qualified board in place.
The shareholder meeting is scheduled for this spring, and tensions are likely to rise in the happiest place on Earth.
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