Nearly one year ago, billionaire Nelson Peltz announced that he would be trying to gain a seat on Disney’s Board of Directors. He said that he didn’t think Disney was going in the right direction and wasn’t making its shareholders enough money. He gave up his fight when Disney CEO Bob Iger announced that he would be eliminating thousands of jobs and cutting $5.5 billion from Disney’s budget.
However, Peltz recently picked up the fight again, but this time, he announced that he wasn’t just targeting one seat on Disney’s board, he was going after several. Peltz said that he had given Iger a chance to “right the ship,” but the embattled CEO had not done so.
But Iger and Disney weren’t going to back down without a fight. The company released a statement, claiming that Peltz only wanted seats on the board because of his close relationship with fired Marvel executive, Ike Perlmutter. They said that Perlmutter had a vendetta against the company and was using Peltz to make that happen.
And now, Disney just got some big backup in its fight against Peltz and Perlmutter. According to Disney, the company has entered into an agreement with investment group ValueAct. Per The Hollywood Reporter:
Disney and ValueAct have entered into a “confidentiality agreement that enables the company to provide information to the investment firm and consult with ValueAct on strategic matters, including through meetings with the Disney board and management,” the company said on Wednesday.
As part of the arrangement, ValueAct also confirmed that it would support the Disney slate of nominees for the company’s board of directors at Disney’s upcoming annual shareholder meeting. The news comes amid Disney’s proxy battle with Nelson Peltz and his firm Trian Partners, an effort backed by ousted Marvel mogul Ike Perlmutter.
Peltz is hoping to get enough shareholders to vote for him and his loyalists so they can have at least two, if not three, seats on Disney’s Board of Directors. Should they be successful, this could mean that massive changes might take place within the company. Ike Perlmutter is an outspoken conservative and a large supporter of Donald Trump.
Disney has been making more content that reflects the world we currently live in — meaning more diverse characters and family units. The company has frequently been accused of being “woke”, which Peltz and Perlmutter might put an end to if they gain those coveted seats.
Nominations for new board members will take place until January 4, 2024.