Peltz, citing changes at Disney, ends push for set on board
Advertisement
Read this article for free:
or
Already have an account? Log in here »
We need your support!
Local journalism needs your support!
As we navigate through unprecedented times, our journalists are working harder than ever to bring you the latest local updates to keep you safe and informed.
Now, more than ever, we need your support.
Starting at $15.99 plus taxes every four weeks you can access your Brandon Sun online and full access to all content as it appears on our website.
Subscribe Nowor call circulation directly at (204) 727-0527.
Your pledge helps to ensure we provide the news that matters most to your community!
To continue reading, please subscribe:
Add Brandon Sun access to your Winnipeg Free Press subscription for only
$1 for the first 4 weeks*
*$1 will be added to your next bill. After your 4 weeks access is complete your rate will increase by $4.99 a X percent off the regular rate.
Read unlimited articles for free today:
or
Already have an account? Log in here »
Hey there, time traveller!
This article was published 09/02/2023 (967 days ago), so information in it may no longer be current.
Activist investor Nelson Peltz has called off a proxy fight with Disney one day after newly returned CEO Bob Iger announced a major restructuring of the company that includes thousands of job cuts.
Peltz phoned into CNBC on Thursday to say that his firm, Trian Fund Management, got everything it wanted with the changes imposed by Iger.
“We will be watching, we will be rooting, and the proxy fight is over,” Peltz said.
Peltz last month announced that he would seek a seat on the board of the entertainment company, citing a failed succession after Iger departed about two years ago and named Bob Chapek as his replacement. Peltz cited “over-the-top” compensation for executives and other issues.
Disney on Wednesday said that it would cut about 7,000 jobs as part of an ambitious companywide cost-savings plan and “strategic reorganization.”
The job cuts amount to about 3% of the entertainment giant’s global workforce and were unveiled after Disney reported quarterly results that topped Wall Street’s forecasts.
That was apparently good enough for Peltz, who launched a fight for a board seat even after Chapek was ousted and Iger returned.
The company, which owns Star Wars, Marvel and Pixar, said this week that it will focus more on its core brands and franchises, Iger said.
The executive also announced changes to how executives will operate Disney’s various divisions. Specifically, creative executives will now be responsible for determining what movies, TV series or other content to produce, as well as the marketing and distribution.
Shares of Disney, based in Burbank, California, rose 2% Thursday.
Iger had handpicked Chapek as his successor, whose two-year tenure was marked by clashes, missteps and a weakening financial performance. Iger’s return to Disney and ousting of Chapek came just a couple of weeks after Disney’s quarterly financial performance fell well short of Wall Street expectations on both profit and revenue, a rarity.
While Disney’s theme parks business has been performing well, many visitors over the past two years have been highly critical of increased prices and other moves that the company made, including the end of the Magical Express bus service from the airport in Orlando, Florida to Walt Disney World resorts, the implementation of the Genie planning and ride reservation system and its theme park reservation system.