Nelson Peltz, activist investor, says that the new Disney chairman is little more than a rubber stamp.
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Trian Partners Founder and CEO Nelson Peltz It was stated that Walt Disney Co’s (NYSE: DISA board change would be a shift in the company’s direction. However, the new chairman is nothing more than a stamp for Bob Iger, the newly-returned CEO.
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Mr. Peltz, along with Trian Fund Management, his hedge fund, turned up their heat in their proxy fight to defeat his push.
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Disney replaced Susan Arnold, its board chair, with a Disney-owned replacement on Wednesday Nike Inc (NYSE: NKEMark Parker is the executive chairman. The board’s size will also be determined. reduced to 11 members.
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Peltz believes Mr. Parker is too friendly with Mr. Iger, the newly-returned Mr. Iger, Wall Street Journal reported.
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Parker is still the executive chairman of Nike, so he has many responsibilities.
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Disney may not convince Mr. Peltz that it is on the right path. This means Mr. Iger faces a difficult path as Disney struggles to deal with a possible recession, a prolonged stock market slump, rising content costs, potential layoffs and stiff competition.
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Trian wrote that there are still a few directors and managers who approved some of the worst corporate governance and strategic failings at Disney.
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Price Action DIS shares were down 0.81% to $99 during Friday’s premarket session.
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