Activist investor Nelson Peltz is planning a new board challenge at Walt Disney (DIS.N) less than 10 months after the home of Mickey Mouse laid out plans that addressed his criticism.
A vehicle drives through the main gate at The Walt Disney Studios the day after the Writers Guild of America announced it reached a preliminary labor agreement with major studios in Burbank, California, U.S., September 25, 2023.
Disney has undergone a period of transformation, restructuring the company and streamlining operations to make the business more cost effective. It is on track to exceed the But with Disney's share price dropping from its early February year high of $113.21 to $78.85 on Wednesday, the applause has ended and Peltz is now expected to push hard to join the 11-member board. Disney's stock price climbed 1.29% on Monday to trade at $83.99 while the broader market was mixed.
Facing trouble last year, Disney's board brought Iger out of retirement in November for a second turn at running the company. At first, his plans to cut jobs and save $5.5 billion appealed to investors.
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Disney faces pressure for more board seats from activist Nelson Peltz: reportBarbara Kollmeyer is based in Madrid, where she leads MarketWatch's pre-markets coverage of financial markets and writes the Need to Know column. She has worked in London and Los Angeles for MarketWatch previously. Follow her on Twitter bkollmeyer.
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Disney activist investor Nelson Peltz revives proxy fight after stock slumpThe hedge fund manager, of Trian Partners, abandoned a previous effort to join the Disney board after CEO Bob Iger promised a vast cost-cutting plan for the company.
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