Nelson Peltz is officially waging his proxy war against The Walt Disney Company — but it is starting to sound like background noise to Wall Street.
After Disney formally rejected Trian Fund Management’s board nominees ahead of its 2024 annual meeting, the activist investor on Thursday outlined his goals to “restore the magic” at the entertainment giant.
Peltz and Trian have argued that Disney has “woefully underperformed its peers and its potential,” which they blame on a board that is “too closely connected” to long-tenured CEO Bob Iger, “too disconnected from shareholders’ interests,” and that “lacks objectivity as well as focus, alignment, and accountability.”