Entertainment
Peltz’s Trian Plans to Seek Disney Board Seats After Request Is Rejected
- Activist says recent appointments won’t restore confidence
- Peltz’s company holds about $3 billion of company stock
On Wednesday, Disney appointed two new directors, Morgan Stanley chief James Gorman and former Sky executive Jeremy Darroch.
Photographer: Eric Thayer/BloombergThis article is for subscribers only.
Walt Disney Co. restored its dividend and tightened the rules for nominations to its board, responding to the planned proxy fight announced earlier Thursday by billionaire activist Nelson Peltz.
Peltz’s Trian Fund Management LP, which beneficially holds about $3 billion of Disney stock, said in a statement Thursday that the entertainment giant had rejected its bid for board seats, forcing it to take the “case for change directly to shareholders.”