Disney Proxy Battle

The Walt Disney Co.'s months-long battle with billionaire investor Nelson Peltz and his firm, Trian Fund Management, will come to a close today, as shareholders vote to determine the company's future board. Shareholders will decide between Disney's incumbent slate of 12 members and Trian's two candidates, Peltz and former Disney CFO Jay Rasulo, who aim to replace two current members. Investor Blackwells Capital has also nominated three candidates. The board sets the strategy and oversees the management of the entertainment giant.

The proxy battle, among the most expensive ever, poses a significant challenge to CEO Bob Iger's leadership since his return in November 2022. Key points of contention include Disney's stock performance and Trian's critique of the board's handling of industry shifts like the $71B acquisition of 21st Century Fox and Disney's late entry into streaming (see Trian's white paper). Disney has said many of Trian's claims are misleading, emphasizing Iger's efforts to revitalize the company.

Trian controls 1.8% of Disney's shares. Disney's shareholder base comprises nearly 65% institutional investors and 33% executives and individual stockholders. See a breakdown here.