The latest move in Nelson Peltz and Disney’s proxy battle is that Trian Peltz Fund Management has decided to end the conflict. Notably, this comes shortly after Disney announced a new restructuring plan that includes numerous job losses and cost-cutting measures. Disney’s proxy conflict began in January 2023, when Trian Nelson Peltz Fund Management pressured Disney to give it a seat on the board. The business said that it used to own 9.4 million shares worth around $900 million, however, this was accumulated months before the proxy war.
When Disney began to disagree with Peltz’s management of the funds, the fight escalated. Nelson Peltz, however, has stopped the fight with Disney’s current restructuring plan.
Nelson Peltz, speaking on CNBC, said,
“The proxy war is over.”
On February 11, 2023, Disney released a statement. The business said in the statement that it is pleased that its Board of Directors and management can remain focused without the distraction of proxy battles.
The statement went on to say:
“We have great faith in Bob Iger’s leadership and the revolutionary vision he presented for the future of Disney yesterday.”
It should be noted that Bob Iger is the current CEO of Disney, having replaced his predecessor Bob Chapek in November 2022 after the former was fired. Iger was the company’s CEO from 2005 until his contract expired in 2020.
Net worth
Nelson Peltz is a wealthy investor, businessman, and founding partner of Trian Fund Management. He also serves on the board of directors of many well-known firms. Peltz’s net worth is estimated at about $1.4 billion by Forbes. Peltz grew up in Brooklyn and began working for his family at a young age. His family owned a food company, which eventually grew into a multi-million dollar firm.
Nelson Peltz serves on the board of directors of many companies.
Peltz and his partners then launched Trian Fund Management in 2005. They invested in brands and businesses such as Heinz, Wendy’s and Kraft through this firm. According to sources, Peltz holds more than 278,275 shares in Wendy’s Co worth more than $570,506,794. According to Forbes, Trian Fund Management manages $8.5 billion in assets.
Disney’s restructuring plan will include cost reductions as well as 7,000 layoffs.
Disney’s restructuring plan will include cost reductions as well as 7,000 layoffs.Disney unveiled a massive restructuring plan and said it would aim to minimize costs, which are expected to be about $5.5 billion. In addition, they will lay off about 7,000 people. According to reports, the corporation intends to restructure its operations into three divisions and will focus on making its streaming business profitable by 2024. Disney’s annual shareholder meeting is set for April 3, 2023.
Activist investor Nelson Peltz on CNBC now: Everyone’s making money, the proxy fight is over…. “I didn’t realize it was his (Bob Iger) birthday, maybe I’ll send him a present”. $ DEC +4.9%
— Kristina Partsinevelos (@KristinaParts) February 9, 2023
Categories: Biography
Source: SCHOOL TRANG DAI
