Disney CEO Bog Iger Faces Challenge As Nelson Peltz Plans Proxy Fight For Board Seat

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Walt Disney Co DIS CEO Robert Iger faces a caller situation arsenic activistic investor Nelson Peltz is readying to combat for a spot connected the company’s board.

What Happened: Peltz's Trian Fund Management executives met with Disney’s apical leaders specified arsenic Iger and CFO Christine McCarthy on Tuesday successful attempts to forge a woody and debar a proxy battle, but the talks did not output results, reported the Wall Street Journal, citing radical acquainted with the matter.

Disney’s outgoing Chair Susan Arnold reportedly called Peltz connected Wednesday greeting to connection him a relation arsenic a committee perceiver and inquire him to motion a standstill agreement, but helium declined.

See Also: How To Buy Disney Stock & Where To Buy It 

The Burbank, California-based amusement elephantine said connected Wednesday that its committee had elected autarkic director Mark Parker as chairman.

It added that Parker would seat a newly created Succession Planning Committee. Disney said Trian nominated Peltz for predetermination arsenic manager successful absorption to nominees recommended by the board.

Why It Matters: Trian wants Disney to program for a successor to Iger, who was brought backmost arsenic CEO after Bob Chapek was fired successful November. 

Trian took a involvement of much than $800 cardinal successful Disney up of Iger’s instrumentality arsenic CEO. It has present grown by $100 cardinal and is apt to get bigger, reported the Journal.

Peltz's steadfast thinks Disney has excessive compensation practices and does not travel outgo discipline, said the Journal, citing radical acquainted with the matter. 

It has reportedly besides been captious of Disney’s deals and thinks it overpaid for assets of 21st Century Fox Inc and bid aggressively for Sky PLC.

Read Next: Disney CEO Bob Iger Terminates COVID-19 Era Work Policy: What You Need To Know

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