Disney has rejected Nelson Peltz’s bid for a seat on the company’s board as the entertainment giant continues its fight with the investor and his activist firm, Trian Fund Management.
Disney said, in a securities filing, that the board was where it needed to be to keep the company going.
The entertainment giant also defended CEO Bob Iger’s past acquisitions and said Peltz lacked an understanding of Disney’s business. Also, according to Disney, Nelson Pelz lacks the skills to drive shareholder value and has not presented any strategy.
“Peltz has no precedent in the large-cap media or tech sector and no solutions to offer for the evolving media landscape,” Disney said in an investor presentation released today.
Pelz wants to join the Disney board
Last week, Peltz filed a formal announcement about his desire for a seat on the entertainment company’s board of directors.
Peltz raised issues with how shareholder value has eroded recently and Disney’s $71 billion acquisition of Fox in 2019.
Trian also exposed what he called corporate poor governance, including failed succession planning and Disney’s lack of engagement with Trian in recent months.