The latest development in the Nelson Peltz and Disney proxy war is that Peltz’s Trian Fund Management has decided to call it quits.
Notably, this occurred shortly after Disney announced a new restructuring plan that includes numerous job cuts and cost-cutting measures. The Disney proxy war began in January 2023, when Nelson Peltz’s Trian Fund Management exerted pressure on Disney to give him a seat on the board. The company stated that it previously owned 9.4 million shares worth approximately $900 million, but this was accumulated a few months prior to the proxy war.
The conflict heated up when Disney began to disagree with Peltz’s fund management. Nelson Peltz, on the other hand, has put a halt to the fight against Disney’s current reorganization plans.
Speaking on CNBC, Nelson Peltz stated,
“The proxy war is over.”
Disney made a public statement on February 11, 2023. The company stated in a statement that it is relieved that its Board of Directors and management will be able to focus without the distraction of a proxy battle.
The statement continued:
“We have tremendous faith in Bob Iger’s leadership and the revolutionary vision he outlined for Disney’s future yesterday.”
It is worth noting that Bob Iger is the current CEO of Disney, having succeeded his predecessor Bob Chapek after the latter was fired in November 2022. Iger served as CEO of the company from 2005 until his contract expired in 2020.
Net Worth
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Nelson Peltz is a wealthy investor, businessman, and Trian Fund Management’s founding partner. He also serves on the boards of several notable companies. Forbes estimates Peltz’s net worth to be around $1.4 billion. Peltz grew up in Brooklyn and began working for his family at a young age. His family owned a food company, which he eventually grew into a multi-million dollar enterprise.
Nelson Peltz serves on numerous corporate boards
In 2005, Peltz and his partners established Trian Fund Management. This firm invested in brands and businesses such as Heinz, Wendy’s, and Kraft. According to sources, Peltz owns more than 278,275 Wendy’s Co shares worth more than $570,506,794. Trian Fund Management manages $8.5 billion in assets, according to Forbes.
Disney’s reorganization plan includes cost cuts and 7,000 layoffs
Disney announced the massive restructuring plan and stated that they would strive to reduce costs, which are estimated to be $5.5 billion. Aside from that, they will lay off approximately 7,000 employees. According to reports, the corporation plans to reorganize its operations into three divisions and will focus on turning its streaming business profitable by 2024. Disney’s annual shareholder meeting is scheduled for April 3, 2023.
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