Nelson Peltz and his Trian Fund have publicly claimed to support Bob Iger's ascension to the Disney board of directors. The logic: Such a move would, in their stated opinion, facilitate a transition away from Iger as CEO of the company.
On Monday, Pelz and Trian -- which control $3.5 billion of Disney stock -- reiterated that position: “Trian supports Mr. Iger as a candidate for the Board and as CEO," the activist shareholder said in a new statement.
Disney shareholders are set to vote on board seats on April 3. Peltz and Trian are trying to claim two seats on the board
Despite its proclamation of support for Iger, however, Peltz and the hedge fund withheld their votes for Iger's board candidacy.
The reasons aren't precisely clear.
According to Trian’s press release, its most important grievance against the current board was the failure of “its most important job — CEO succession."
Peltz and Trian say their beef is with the Disney board, not Iger.
“In this election contest, Disney has emphasized that Mr. Iger is admired and respected (including, for example, by service providers and advisors), which we do not doubt,” Trian's statement reads. “Trian supports Mr. Iger as a candidate for the board and as CEO. That Disney spends so much time and ink defending Mr. Iger — while saying almost nothing about the two director candidates whose reelection Trian is challenging — is both troubling and telling. This campaign is not about Mr. Iger, nor is it a referendum on his leadership. And in all events, Disney is, and must be, more than just one person, especially one whose contract expires in less than two short years.”
Certainly, it's been a busy last few days for Peltz, who questioned the leadership of Iger and Marvel chief Kevin Feige in an interview with the Financial Times, claimed that he does not want to replace the CEO. Peltz also criticized Disney and Marvel for their alleged "woke" film strategy.
Earlier this month, Disney fired back at Peltz's running criticism, with an investor presentation titled “Correcting Trian’s Fact With Fiction,” and which prominently included a picture of Pinocchio with a growing nose.
Trian owns just about 1.5% of Disney’s outstanding shares, when combined with the ownership of ally Ike Perlmutter, the former Marvel Entertainment Chairman who has taken Peltz's side in his proxy fight against the Disney board.
Disney has nominated a slate of 12 for its board of directors, including Iger.
