Trian dials up heat in Disney proxy fight, pressing to replace board member Froman with Peltz

The proxy conflict betwixt Disney and activistic concern steadfast Trian Management LP is heating up up of the company's yearly shareholder meeting.

Earlier successful January Trian went public with its combat for a spot connected the board, taking issue with Disney's $71 cardinal acquisition of Fox successful 2019, committee missteps successful the succession readying process and losses for shareholders.

On Thursday, Trian said successful a filing that Disney shareholders should ballot to region Michael Froman from the committee and regenerate him with Nelson Peltz.

"Trian Group believes Mr. Froman has nary acquisition arsenic a nationalist institution manager extracurricular of Disney," the steadfast said successful a connection Thursday. "In contrast, Nelson Peltz has served connected galore nationalist institution boards implicit the past respective years."

Trian is arguing that Disney shareholders person mislaid retired successful worth implicit the years owed to "weak firm governance." The steadfast said Disney mislaid much than $120 cardinal of its marketplace worth successful 2022, net per stock has declined 50% since 2018 and pointed to Disney eliminating its dividend successful 2020.

Trian said it holds astir 9.4 cardinal shares valued astatine astir $1 billion, which it accumulated months ago.

A Disney spokesperson didn't instantly respond to remark connected Thursday.

Last month, Disney changeable backmost astatine Trian, defending CEO Bob Iger's past acquisitions. The institution besides said Peltz didn't person an knowing of Disney's concern and lacked the skills to thrust shareholder worth portion presenting nary strategy. Disney said its committee was wherever it needed to be.

"Peltz has nary way grounds successful ample headdress media oregon tech, nary solutions to connection for the evolving media landscape," Disney said successful an capitalist presumption released Tuesday.

In a determination to preempt and reason Trian successful January, Disney said Mark Parker, the enforcement president of Nike, would go the caller president of the board.

Froman, the vice president and president of strategical maturation astatine Mastercard, has served arsenic a manager connected the committee since 2018. He besides served arsenic U.S. Trade Representative nether then-President Barack Obama.

Few members of Disney's board person media acquisition extracurricular of the Mouse House.