Nelson Peltz has dropped his proxy fight at The Walt Disney Co after the company unveiled restructuring and cost-cutting plans.
Nelson Peltz dropped his proxy fight at Walt Disney Co. ( DIS ) after the company unveiled restructuring and cost-cutting plans.
Peltz said Thursday that the restructuring and cost-cutting moves Disney announced Wednesday are similar to the work he plans to push at the company.
“He said all the things we wanted him to do. Now they have to come down to action,” Peltz said of Disney Chief Executive Robert Iger.
The activist investor announced the surprise move earlier in an interview with CNBC.
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Nelson Peltz dropped his proxy fight at Walt Disney Co. ( DIS ) after the company unveiled restructuring and cost-cutting plans.
Peltz said Thursday that the restructuring and cost-cutting moves Disney announced Wednesday are similar to the work he plans to push at the company.
“He said all the things we wanted him to do. Now they have to come down to action,” Peltz said of Disney Chief Executive Robert Iger.
The activist investor announced the surprise move earlier in an interview with CNBC.
Peltz’s Trian Fund Management LP launched a fight last month for a seat on Disney’s board after the company privately rejected his request to become a director. Disney shareholders were scheduled to vote on what was expected to be one of the most high-profile proxy battles in years at the company’s annual shareholder meeting in early April.
Disney said on Wednesday it plans to cut 7,000 jobs and cut costs by $5.5 billion as part of a corporate restructuring that will give more power to the company’s content chief and place a greater emphasis on sports media within the company. Iger announced the moves during his first earnings call since returning as CEO.
Peltz isn’t going away empty-handed, though. He paid about $89.90 per share for the company’s shares, which are now trading above $115, up about 3.5 percent in premarket Thursday after the company reported first-quarter results and outlined a restructuring plan .