Trian plans to nominate Peltz, former Disney CFO Rasulo to seats on Disney’s board

Nelson Peltz's investment management firm Trian Fund Management plans to nominate the activist investor and a former Disney chief financial officer to seats on the media and entertainment company's board, continuing a proxy fight that began earlier this year. Has been.

Trian, who owns $3 billion of common stock in The Walt Disney Co., said in a statement Thursday that he believes the company has "underperformed its peers and its potential."

“As Disney's largest active shareholder, we can no longer sit idly by as the current directors and their chosen replacements stand in the way of needed change, and peers and competitors who continue to outperform,” said Peltz, Trian's CEO and a founding partner, said in a prepared statement.

The stock is up about 9% so far this year, or more than a third of the gain of the benchmark S&P500 index.

Along with Peltz, Trian plans to nominate James Russolo, who served as Disney's CFO from 2010 to 2015. Prior to serving as CFO, Russulo was president of Walt Disney Parks and Resorts Worldwide from 2005 to 2009 and president of Walt Disney Parks. Resorts from 2002 to 2005.

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“As an independent voice in the boardroom, Nelson and I are confident that the combination of my decades of experience at Disney, Nelson's significant boardroom skills and history of driving positive strategic change, and our combined consumer brand expertise and financial acumen, will be instrumental in . Disney board,” Rasulo said in a statement.

Trian is looking to nominate Peltz and Russolo to the Disney board at the company's 2024 annual shareholders meeting, which is expected to be held in the spring.

Disney confirmed in a statement that Trian has given notice that it plans to nominate two individuals to its board. burbank, CaliforniaThe -based company said the Governance and Nominating Committee, which evaluates director nominations, will review the proposed Trian nominees and provide a recommendation to the board as part of its governance process.

Disney continued to show support for its current board.

It added, "Disney has an experienced, diverse and highly qualified board that is focused on the company's long-term performance, the ongoing transformation of its businesses, the succession planning process and strategic growth initiatives, including enhancing shareholder value." a statement.

Peltz's proxy battle with Disney has lasted for nearly a year. Peltz sought to join Disney in January plank, claiming that the company is suffering from self-inflicted problems. At the time, Disney urged shareholders to vote against Peltz and named current board member Mark Parker as its chairman. Parker, who also serves as executive chairman at Nike Inc., replaced Susan Arnold, who did not stand for re-election due to Disney's 15-year term limit requirements.

By February Peltz met his end to push Up for Disney board seat, one day after CEO Bob Iger's announcement major restructuring The cuts involve thousands of jobs at the company.

However, last month Tryon decided to revive its proxy fight. Disney issued a statement at the time defending the company and its board.

Peltz has previously fought successful proxy battles at blue chip companies including DuPont and Procter & Gamble.

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