Investing.com – Disney (NYSE: ) announced on the afternoon of the 11th local time that activist investor Trian Fund Management nominated its co-founder Nelson Peltz to the company’s board of directors. However, Disney said it opposed the nomination and called on shareholders to vote against it at the annual shareholder meeting.
“The Walt Disney Company remains open to constructive activities and ideas that help drive shareholder value. While Disney executives and the Board of Directors have engaged with Mr. Nelson Peltz several times over the past few months, the Board does not share Trian’s Fund Management’s nomination, and advises shareholders not to support the nomination, but to vote in favor of the Company’s nomination.”
According to media reports, top executives of Trian Fund Management and Disney’s management team, including CEO Bob Iger and CFO Christine McCarthy, held negotiations on Tuesday (10th) in an attempt to reach an agreement and avoid a proxy fight. According to reports, Disney offered Nelson Peltz the position of observer of the board of directors, but was rejected by the latter.
It is reported that the negotiations ended in vain, so Nelson Peltz began to prepare for the proxy battle, and may declare “war” today (12th).
According to sources, Trian Fund Management accused Disney management of lack of cost discipline, excessive compensation, and excessive bids for acquisition transactions. According to reports, Trian Fund Management currently holds Disney shares worth less than $1 billion, but the former hopes to increase its holdings.
At the same time, Disney announced that Mark Parke, a company director and executive director of Nike (NYSE: ), will become chairman of Disney’s board of directors.
Disney CEO Bob Iger said, “Mark Parke’s vision, incredible experience and wise counsel have been invaluable to Disney.”
Mark Parke will also lead a committee tasked with finding a new chief executive.
[This article is from Yingwei Caiqing Investing.com, to read more, please log in to cn.investing.com or download Yingwei Caiqing App]
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Compiler: Liu Chuan