Nelson Peltz’s Trian Group withheld its votes for Disney CEO Bob Iger when voting its shares, despite their latest statement saying they aren’t against Iger, according to CNBC.
What’s Happening:
- In a new statement released today, Trian Group reaffirmed its call for change in the composition of Disney’s Board of Directors and the commitment of its nominees, Nelson Peltz and Jay Rasulo, to work constructively with the Company’s Board and leadership team to drive long-term, sustainable value creation.
- Despite specifically highlighting that this proxy battle is “about the Board” and not CEO Bob Iger, Trian nevertheless withheld their votes for Iger when voting its shares.
- This move goes against many of the public statements Peltz has made about wanting to work together with management if elected to the Board.
- Peltz recently told the Financial Times, “Disney is stupid because I’m not trying to fire Bob Iger, I want to help him. We don’t fire CEOs.”
- CNBC notes that this is “hardly a supportive move of [Iger’s] leadership, and it raises questions about how toxic of an environment the boardroom would be if Peltz is elected to the Disney board next month.”
- This isn’t the only controversial thing Peltz has said recently, as he criticized Marvel for having “all women” and “all Black” casts.
- Meanwhile, former Disney CEO Michael Eisner shared his thoughts on the ongoing proxy battle at The Walt Disney Company, backing Bob Iger and the Disney Board.
- Disney’s Annual Meeting of Shareholders, which is when the vote will end, is set for April 3rd.