Nelson Peltz, founder and CEO of Trian Fund Management, throughout the Future Investment Initiative Institute’s (FII) Priority Summit in Miami, Florida, U.S., on Thursday, March 30, 2023.
Marco Bello | Bloomberg | Getty Images
The board of Nelson Peltz’s Trian Fund abstained from voting Walt Disney CEO Bob Iger is voting on his shares in the asset management company’s bitter proxy battle with the entertainment giant, in line with sources monitoring the situation.
This move is not shocking considering the fierce nature of the battle.
However, this is contrary to Trian’s proxy recommendations and doesn’t match Peltz’s public statements about his willingness to cooperate with the board if elected to the Disney board.
In recent weeks, Disney has stepped up its attacks on Trian and Peltz. “Correcting Trian’s Facts with Fiction” was the headline of a recent investor presentation prepared by Disney over a photograph of Pinocchio with a growing nose.
“Disney is stupid because I’m not trying to fire Bob Iger, I’m trying to help him,” Peltz recently told the Financial Times. “We are not firing CEOs.”
When asked for comment, a Trian spokesperson referred CNBC to: press release reiterating its proxy recommendations and stating that Trian supports Iger as a board candidate and as CEO.
Withholding Iger’s vote, nevertheless, is not a move supportive of his leadership and raises questions on the toxic boardroom environment if Peltz is elected to Disney’s board next month.
Disney nominated 12 directors, including Iger. Trian is formally recommending that shareholders vote for Peltz and former Disney CFO Jay Rasulo and refrain from voting for Disney nominees Maria Elena Lagomasino and Michael Froman, who’re current board members.
Trian has a comparatively small position in Disney, representing about 1.5% of the outstanding shares, combined with the ownership position of former Marvel Entertainment chairman and CEO Ike Perlmutter, who sided with Peltz in the proxy dispute.
Disney’s board meeting might be held on April 3, and Trian may change his vote by then.
