Nelson Peltz’s asset management fund Trian Partners said Monday that its months-long proxy battle with Disney has nothing to do with the media conglomerate’s CEO, Bob Iger. Instead, the firms says, its problem is with the company’s board of directors.
Peltz officially launched a campaign in January to get himself and former Disney chief financial officer Jay Rasulo seats on the board.
Since then, Disney’s board nominees, including Iger, have received a number of endorsements from figures like JPMorgan Chase CEO Jamie Dimon, George Lucas, and even some Disney heirs — all of whom have praised Iger’s leadership.
In a statement released Monday, Trian said it “supports Mr. Iger as a candidate for the Board and as CEO.” The firm, which owns a $3.5 billion stake in Disney, added that “this campaign is not about Mr. Iger, nor is it a referendum on his leadership.”
The firm, alternatively, blamed the board for the company’s problems and said its members lacked “focus, alignment and accountability.” Most notably, Trian criticized the board over its failed CEO succession plan when Iger originally retired in 2021. Iger returned to the company in 2022, to replace his successor Bob Chapeck.
Earlier this month, Trian Partners released a 133-page paper outlining Peltz’s plans for the company, which include completing a successful CEO succession, aligning performance-based compensation with shareholder value, and developing a strategy to reach margins similar to Netflix’s 15-20% by 2027.
Trian withheld its votes for Bob Iger
Despite its latest statement, CNBC reports that Trian has withheld its votes for Iger. Trian has until April 3, the day of Disney’s annual shareholder meeting, to change its votes.
Officially, Trian has recommended Disney shareholders vote for all of the company’s nominees except for two incumbent members, Maria Elena Lagomasino and Michael B.G. Froman.
The influential proxy advisory firm Institutional Shareholder Services suggested this month that shareholders support Peltz along with 11 of Disney’s 12 nominees.