Disney Skewers Nelson Peltz as lacking “skills and experience to help the board”; Reveals Marvel Chairman Isaac Perlmuttter Backed Activist Investor

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Disney came out swinging Tuesday against Trian Partners and owner Nelson Peltz, the activist investor pushing a proxy fight to take a seat on Disney’s board. “The current board is the right board for Disney shareholders,” the company said in a filing with the SEC today. “Nelson Peltz does not understand Disney’s business and lacks the skills and experience to help the board deliver shareholder value in a rapidly changing media ecosystem.”

The public battle has so far raged mainly on the Securities and Exchange Commission website, where Trian last week filed a series of documents urging Disney shareholders to vote for Peltz as director at the upcoming annual meeting, and in opposition to Disney’s own nominated slate. of directors. Trian said Disney was suffering from “self-inflicted wounds” and could benefit from outside advice and direction. Trian had said meetings it wanted to discuss with executives were too few and too late.

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For its part, Disney lists meetings and calls from Summer 2022 with former CEO Bob Chapek, CFO Christine McCarthy, Directors Amy Chang and Safra Catz, General Counsel Horatio Gutierrez and Bob Iger, some initiated by Marvel Chairman Isaac Perlmutter who supported Petlz and lobbied Disney execs and board members on his behalf.

“Peltz, or Isaac Perlmutter (a Disney employee and shareholders who is currently chairman of Marvel Entertainment) on behalf of Peltz, asked for a board seat or suggested that he should be added to the board no fewer than 20 times since July 2022, Disney said.

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Disney today amassed its own stream of financial data to defend its track record, its deals and current CEO Bob Iger, who took the reins back in November.

“Peltz has no track record in large cap media or technology, no solutions to offer for the evolving media landscape. And if MSG Sports is his training ground, it hasn’t been a good one,” Disney said. Pelz has known MSG owner James Dolan for years and has a stake in the company.

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Disney focused on its “strong, highly rated, investment-grade balance sheet” and urged shareholders to carefully analyze Peltz’s holdings “to separate fact from fiction.

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