Trian Partners, the alternative asset management fund co-founded by activist investor Nelson Peltz, formally nominated Peltz and ex-Disney Chief Financial Office Jay Rasulo for seats on Disney board in January.
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That kicked off a fierce proxy battle for the future of Disney, one that has attracted bold-faced names and sparked increasingly bitter attacks between Disney, CEO Bob Iger, and Peltz. All while Wall Street has largely tuned out the drama and sent Disney stock rising higher.
The billion-dollar board fight officially started in January. But this showdown has been in the making for more than a year. It comes to a head at the company’s annual shareholders meeting on Wednesday, where investors will vote on who gets the board seats.
Here are the key moments in the battle for Walt Disney’s board.
2023
Jan. 12: Trian files documents with the Securities and Exchange Commission to nominate Peltz as a director of Disney’s board.
Jan. 17: Disney tells shareholders that Peltz “does not understand Disney’s business and lacks the skills and experience to assist the board in delivering shareholder value in a rapidly shifting media ecosystem.” Disney says Peltz and then-Marvel Entertainment Chairman Issac Perlmutter have tried to get Peltz a seat on the board at least 20 times since July 22, 2022.
Feb. 09: Peltz ends his bid for a board seat after Disney announces a restructuring plan that will result in $5.5 billion in savings and about 7,000 job cuts.
March 29: Disney lays off Perlmutter as part of the restructuring.
Oct. 30: Pelmutter gives Trian complete voting power over his Disney shares, raising Trian’s shares to 33 million — currently worth about $3.5 billion.
Nov. 30: Peltz begins his second public bid for Disney board seats. Disney says Peltz’s partner Perlmutter has a “longstanding personal agenda” against Iger.
2024
Jan. 16: Disney names its 12 nominees for the board of directors.
Jan. 18: Trian files documents with the SEC regarding its nomination of Peltz and former Disney CFO Jay Rasulo for seats on Disney’s board of directors.
March 04: Trian releases a 133-page paper in outlining Peltz’s plans for the company, which include completing a successful CEO succession, aligning performance-based compensation with shareholder value, and developing a strategy to reach margins similar to Netflix’s 15-20% by 2027.
March 13: JPMorgan Chase CEO Jamie Dimon endorses all of Disney’s candidates.
March 18: The proxy advisory firm Glass Lewis endorses all of Disney’s candidates.
March 19: George Lucas, the Star Wars creator and the largest individual investor in Disney, backs Iger and the rest of Disney’s nominees.
March 21: The proxy advisory firm Institutional Shareholder Services (ISS) endorses Peltz, but withholds its recommendation for Rasulo.
March 22: In an interview with the Financial Times, Peltz criticizes the track record of Marvel Studios President Kevin Feige and takes shots at the studio’s movies The Marvels and Black Panther. “Why do I have to have a Marvel that’s all women?” he tells the outlet. “Not that I have anything against women, but why do I have to do that? Why can’t I have Marvels that are both? Why do I need an all-Black cast?”
March 25: Disney sends a letter to shareholders condemning Peltz’s comments. “Imagine the damage Peltz would do in Disney’s boardroom with these perspectives,” the letter says. “The surest way to impede our creative progress is oversight from an 81-year-old hedge fund manager with no creative experience.”
March 26: The proxy advisory firm Egan-Jones endorses both Peltz and Rasulo.
April 3: Disney will hold its annual shareholders meeting.
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