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Nelson Peltz and his Trian Foundation have publicly advocated for Bob Iger to join the Disney board. The logic: According to their stated opinion, such a move would facilitate the company’s transition from Iger as his CEO.
On Monday, Mr. Peltz and Mr. Tryon, who control $3.5 billion in Disney stock, repeated that position: “Trian supports Mr. Iger as a director candidate and CEO,” the activist shareholder said in a new statement.
Disney shareholders are scheduled to vote on board seats on April 3.Mr. Peltz and Mr. Tryon are seeking two seats on the board.
But even though Mr. Peltz and the hedge fund expressed their support for Mr. Iger, they withheld a vote on Mr. Iger’s board nomination.
The reason is not exactly clear.
According to Tryon press releasethe most important complaint about the current board of directors was that it had failed in its “most important job of succeeding the CEO.”
Mr. Peltz and Mr. Tryon maintain that their focus is on the Disney board, not Iger.
“During this campaign, Disney has emphasized that Mr. Iger is admired and respected, including by his service providers and advisors, and we have no doubts about that,” Tryon’s statement said. Says. “Trion supports Mr. Iger as a director candidate and as CEO. While Disney has spent significant time and ink defending Mr. Iger, Mr. Tryon has supported the two supervisory candidates who are contesting re-election. It is both alarming and illuminating that so little has been said about Mr. Iger. This campaign is not about Mr. Iger, nor is it a referendum on his leadership. And in any case. But Disney is more than just one person, especially one whose contract is up in two years, and it has to be that way.”
To be sure, the past few days have been busy for Peltz. Peltz had previously questioned the leadership of Iger and Marvel chief Kevin Feige over an incident. Interview with financial times, insisted that they had no intention of replacing the CEO.Peltz Disney and Marvel also criticized With their alleged “woke” film strategy.
Disney hit back at Peltz’s spate of criticism earlier this month in an investor presentation titled “Fixing Trian’s Facts with Fiction,” which prominently featured a photo of Pinocchio with an extended nose. Ta.
Tryon owns only about 1.5% of Disney’s outstanding stock, including the ownership of former Marvel Entertainment chairman Ike Perlmutter, an ally who sided with Peltz in the proxy battle with the Disney board. It’s just that.
Disney has named 12 board members, including Mr. Iger.
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