Disney will be facing Nelson Peltz's Trian Fund Management in a proxy fight.
The activist firm said it owns about 9.4 million shares valued at approximately $900 million, which it first accumulated a few months ago. Trian said Wednesday it believes Disney “lost its way resulting in a rapid deterioration in its financial performance.”
Trian called out what it viewed as poor corporate governance on Disney's part, including failed succession planning, '"over-the-top'" compensation practices and Disney's lack of engagement with Trian in recent months. Peltz on Thursday said he only had a meeting with Disney's board that spanned about 45 minutes, but he never heard a response from them. A Disney representative didn't immediately respond to comment.
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