Nelson Peltz Warns He’ll Be Back If Disney Fails to Keep Its ‘Promises,’ Suggests His Firm Has Made About $1 Billion on Its Investment in the Company
04.04.2024 - 21:27
/ variety.com
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%. The Disney-backed slate of 12 directors was reelected. “I hope this is not a redo of last year where we pulled out, gave management a chance and the stock went down,” Peltz said.
“I hope that doesn’t happen this time. Whether we stay [invested in Disney] or not, we don’t make those kinds of announcements. I hope Bob can keep his promises.
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