David A. Grogan | CNBC
proxy war between disney Activist investment firm Trian Management LP is heating up ahead of its annual shareholder meeting.
early January Published by Trian In the battle for seats on the board of directors, take the problem Disney’s $71 billion acquisition of Fox in 2019 cost shareholders a loss as the board failed in the succession planning process.
on thursday Trian said in filing Disney shareholders should vote to remove Michael Froman from the board and replace him with Nelson Peltz.
“The Trian Group believes Mr. Froman has no previous experience as a public company director outside of Disney,” the company said in a statement Thursday. “Nelson Peltz, by contrast, has served on the boards of numerous publicly traded companies over the past several years.”
Trian argues that Disney shareholders have lost value over the years due to “weak corporate governance.” The company said Disney lost more than $120 billion in market capitalization in 2022, earnings per share have declined 50% since 2018, and Disney will eliminate its dividend in 2020.
Trian said he has about 9.4 million shares, worth about $1 billion, which he amassed a few months ago.
A Disney spokesperson did not immediately respond to comments on Thursday.
last month, Disney hit back at Trian, defends CEO Bob Iger’s past acquisitions. The company also said Peltz didn’t understand Disney’s business and lacked the skills to create shareholder value without presenting a strategy.Disney said its board is where it needs to be.
“Peltz has no large-cap media or technology track record and no solutions to offer for the evolving media landscape,” Disney said in an investor presentation released Tuesday.
In a move to pre-empt and oppose Trian in January, Disney said: Nikewill become the new Chairman of the Board of Directors.
Froman, Vice Chairman and President of Strategic Growth, said: master Card, has been a director since 2018. He also served as U.S. Trade Representative under then-President Barack Obama.
Few Members of Disney’s Board of Directors I have media experience outside of the Mouse House.