Disney Says Peltz Hasn’t Presented a Single Strategic Idea In Two Years
Walt Disney Co.‘s board decided not to recommend Nelson Peltz’s board candidacy to shareholders because he had not presented a “single strategic idea” in two years of seeking a seat and “seemed oblivious to the ongoing secular change in the media industry,” the company revealed in a securities filing. The comments come as Peltz’s proxy contest to win seats on Disney’s board is ramping up.
The company also said the board decided not to recommend Peltz’s other nominee, former Disney CFO Jay Rasulo, because the media business had changed so much since he had left the company and that “an outdated perspective on the business would be damaging to the ongoing strategic transformation underway.”
The securities filing also detailed the history of Disney’s interactions with Peltz, which the company said numbered more than 20 since last February, when Peltz ended his last proxy contest against Disney. It said that in a meeting between CEO Bob Iger and Peltz in November, Iger asked Peltz what he would recommend the board do to lift the company’s stock price, and Peltz “responded that he was not there to put forth a plan, he was only there to get a Board seat.”