The ongoing proxy battle between Trian Fund Management and Disney has taken a new turn, with Trian founder and CEO Nelson Peltz withholding votes from Disney CEO Bob Iger. Despite public statements indicating a desire to work together with management, Trian’s actions suggest otherwise.
The bitter nature of the battle has escalated in recent weeks, with Disney launching attacks on Trian and Peltz. However, Peltz maintains that he is not seeking to oust Iger but rather to help him. Trian’s proxy recommendations also affirm support for Iger as a candidate for the board and as CEO.
The upcoming Disney board meeting on April 3 will be crucial, as Trian could potentially change its vote before then. Trian has nominated Peltz and former Disney CFO Jay Rasulo as directors, while urging shareholders to withhold votes for current board members Maria Elena Lagomasino and Michael Froman.
With only a relatively small ownership stake in Disney, Trian’s influence may be limited. However, the outcome of the proxy battle could have significant implications for the future direction of the entertainment giant. Stay tuned for updates on this developing story.
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