The Disney Activist Battle's Next Chapter: Nelson Peltz To Nominate Himself, Former Disney CFO To Board
Portfolio Pulse from Adam Eckert
Nelson Peltz, Trian Partners founder and CEO, plans to nominate himself and former Disney CFO Jay Rasulo to Disney's board at the 2024 annual meeting. Trian, owning close to 33 million shares worth $3 billion, is pushing for change citing Disney's underperformance compared to peers. Disney has resisted Peltz's attempts, emphasizing ongoing transformation and board refreshment. The proxy battle continues as Disney's stock has struggled since CEO Bob Iger's return, despite being up 8% YTD.
December 14, 2023 | 4:54 pm
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NEUTRAL IMPACT
Nelson Peltz and Trian Partners are intensifying their proxy fight with Disney by nominating Peltz and former CFO Jay Rasulo to the board. Disney's stock has underperformed but is up 8% YTD, and the company is pushing back against Peltz's campaign.
The nomination of Peltz and Rasulo to Disney's board is a significant move in the ongoing proxy battle, which could lead to increased volatility in the stock price. However, the outcome is uncertain, and the company's current performance and resistance suggest a neutral short-term impact.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100