David A. Grogan | CNBC
Disney Nelson Peltz’s bid for a board seat was pushed back Tuesday, as the entertainment giant’s proxy fight with the investor and his activist firm Trian Fund Management takes shape.
Disney said in a securities filing on Tuesday that its board should remain in place to move the company forward. The company supported CEO Bob Iger’s past acquisitions and Peltz lacked an understanding of Disney’s business, lacked the skills to drive shareholder value and presented no strategy.
“Beltz has no track record in large-cap media or technology, and no solutions to the emerging media landscape,” Disney said in an investor presentation released Tuesday.
last week, Peltz presented his case Tryon filed a preliminary proxy statement seeking a seat on the board for the proxy fight with Disney on CNBC’s “Squawk on the Street.”
Peltz raised issues with Disney’s $71 billion acquisition of Fox in 2019 and how shareholder value has plummeted. He also called out Disney’s poor corporate governance in 2019, failed succession planning and Disney’s lack of engagement with Trian in recent months.
—CNBC’s David Faber contributed to this report.
This story is developing. Check back for updates.
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