Activist investor Nelson Peltz on Wednesday was gearing up for a proxy fight with Walt Disney Co after the entertainment giant snubbed his bid for a board seat.
The logo of the Times Square Disney store is seen in Times Square, New York City, U.S. December 5, 2019. REUTERS/Nick Pfosi/File PhotoJan 11 - Activist investor Nelson Peltz on Wednesday was gearing up for a proxy fight with Walt Disney CoIt is the second time in six months that an activist shareholder has mounted pressure on Disney. Last year, billionaire Daniel Loeb pushed for changes. In November, the company brought back old boss Bob Iger as chief executive.
Peltz's Trian Fund Management LP, which owns a less than 5% stake in Disney, believes Iger should not be back in control of the company and pushed for operational changes and cost cuts, a source familiar with the matter told Reuters in November. Trian believes Disney has excessive compensation practices and lacks cost discipline, the Wall Street Journal said on Wednesday, citing people familiar with the matter.
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