Disney says investor Peltz 'lacks experience' to help business
on Tuesday defended its decision to deny Nelson Peltz a board seat, saying the activist investor "lacked the skills and experience" to help the media and entertainment giant.
"Peltz does not understand Disney's businesses and lacks the skills and experience to assist the board in delivering shareholder value in a rapidly shifting media ecosystem," Disney said.his bid for a board seat to rescue the company from what he called a "crisis" of overspending on the streaming business, the purchase of 21st Century Fox and failed succession planning.
Peltz told CNBC on Thursday that Disney should either jettison the streaming business or buy the rest of rival streaming service Hulu. Disney has a majority stake in Hulu; Comcast CorpDisney also needs to boost capital expenditure at its parks business, where it probably raised ticket prices "too hard," he said then.
Peltz's Trian Fund Management, which owns a 0.5% stake, or roughly $900 million in Disney, declined to comment.
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