Todd Spangler NY Digital Editor Trian Partners founder Nelson Peltz has accepted defeat — for now. Peltz, a day after the activist investor lost a costly proxy battle with Disney, went on CNBC’s “Squawk on the Street,” Thursday to discuss what happened. “The shareholders have voted.
They want to give management and the board a chance. So be it,” he said. At the same time, Peltz continued rattling his saber.
He referred to his previous threat in January 2023 to start a proxy fight with Disney before one month later he suspended his hunt for a board seat after Disney unveiled a broad restructuring with Bob Iger’s return as CEO. “We will watch like we did last time.
We pulled out a year ago February. A lot of promises were made. We hoped that they were going to keep them. They didn’t, we came back,” Peltz said in the interview with CNBC’s Jim Cramer. “We’ve got a new set of promises, and I hope they keep them… but if they don’t, you’ll see me again, Jim.” In the preliminary tally of votes at the April 3 Disney shareholder meeting, Peltz received 31% of shares voted in his favor while Maria Elena Lagomasino, one of the incumbent Disney directors Trian urged investors to kick off the board (along with board member Michael Froman), received 63%.
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