Nelson Peltz’s Trian Officially Declares Plan To Seek Two Disney Board Seats

The Walt Disney Co. said Nelson Peltz’s Trian Fund Management has formally provided notice of its intent to nominate two people to be Disney directors at the media company’s 2024 shareholder meeting.

Trian, working with former Disney executive Isaac Perlmutter, controls 44 million Disney shares, including Perlmutter’s 25 million shares.

Disney has alleged that Perlmutter, whose employment as chair of Marvel Entertainment was terminated by Disney earlier this year, has a “longstanding personal agenda” against Disney CEO Bob Iger.

Trian has complained that Disney’s shares have lost $70 billion in value since February, that further cost-cutting is needed and that Disney’s board needs more executives with media experience.

Under pressure from shareholders, Disney has cut $7.5 million in costs and reduced headcount by about 5,000. Disney stock is up about 6% today so far.

The company also has said it would resume paying shareholders a dividend.

Disney said the governance and nominating committee of its board will evaluate the proposed Trian nominees and provide a recommendation to the board as part of its governance process.

“Disney has an experienced, diverse, and highly qualified Board that is focused on the long-term performance of the company, strategic growth initiatives including the ongoing transformation of its businesses, the succession planning process and increasing shareholder value,” the company said.