Nelson Peltz’s bid for a position on Disney’s board progresses with Trian Partners unveiling its preliminary proxy statement. The firm urges shareholders to withhold votes for current board members Michael B.G. Froman and Maria Elena Lagomasino, proposing Nelson Peltz and former Disney CFO Jay Rasulo as alternatives. Trian contends that Froman lacks relevant experience, having spent most of his career outside Disney, and criticizes Lagomasino’s unrelated wealth management background and her oversight of compensation practices. Disney’s board opposes the nominations of Peltz and Rasulo, while activist Blackwells Capital puts forth its own board slate. Blackwells urges shareholders to withhold votes for all Disney and Trian nominees, supporting only its proposed candidates. As both Disney and Trian seek shareholder support, the upcoming annual meeting will be pivotal in determining the board’s composition. The involvement of third-party firms like Institutional Shareholder Services is anticipated to influence shareholder decisions, impacting major institutional investors such as Blackrock, Vanguard, and State Street.
