Disney CEO Bob Iger today called Marvel chairman Isaac Perlmutter’s backing of activist investor Nelson Peltz “a curious dynamic.” Peltz of Trian Group this morning abandoned his battle with Disney that featured a push for a seat on the board.
He said a wide-ranging corporate restructuring announced Wednesday spoke to many of his concerns about the company’s management and strategy.
Peltz’ campaign didn’t go public until mid-last year but it started back in 2022 under former CEO Bob Chapek and with Perlmutter’s support, Disney has said.
In an SEC filing in Jan. as part of its proxy fight with Peltz, Disney lists meetings and calls starting in the summer of 2022 involving Peltz and Chapek, CFO Christine McCarthy, directors Amy Chang and Safra Catz, General Counsel Horatio Gutierrez as well as Iger, a number of them initiated by Perlmutter, who supported Peltz and lobbied Disney execs and board members on his behalf. “Peltz, or Isaac Perlmutter (an employee and shareholders of Disney who currently serves as Chairman of Marvel Entertainment) on Peltz’ behalf, asked for a Board seat or suggested he should be added to the Board no less than 20 times since July 2022,” Disney said in the filing.
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