The Walt Disney Company responded to Nelson Peltz’s latest demands Thursday with a resounding “No.” The company released a letter in response to materials released by the Trian Group.
Peltz is now requesting that he, or his son if need be, serve on the Walt Disney board of directors instead of Mastercard executive Michael Froman. Froman has served on the board since 2018. In his statement, Peltz argued “the current board has failed to instill a “culture of accountability,” by overpaying executives even as the business has performed poorly; failing to align incentives with shareholders by personally owning stock and failing to heed “constructive shareholder input.”
“The Disney Board of Directors does not endorse Nelson Peltz as a nominee,” stated the official company response. “[Disney] believes the election of either Mr. Peltz or his son would threaten the strategic management of Disney during a period of important change in the media landscape.
Peltz is now requesting that he, or his son if need be, serve on the Walt Disney board of directors instead of Mastercard executive Michael Froman. Froman has served on the board since 2018. In his statement, Peltz argued “the current board has failed to instill a “culture of accountability,” by overpaying executives even as the business has performed poorly; failing to align incentives with shareholders by personally owning stock and failing to heed “constructive shareholder input.”
“The Disney Board of Directors does not endorse Nelson Peltz as a nominee,” stated the official company response. “[Disney] believes the election of either Mr. Peltz or his son would threaten the strategic management of Disney during a period of important change in the media landscape.
- 2/2/2023
- by Scott Mendelson
- The Wrap
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