Nelson Peltz Divests Entire Disney Stake Amid Boardroom Struggle
Peltz's Trian Fund Management sold its entire 1.77 per cent stake in Walt Disney, held as of 31 March, after a boardroom clash with the media giant
As per a media report, billionaire Nelson Peltz's Trian Fund Management has sold its entire stake in Walt Disney following a boardroom dispute with the media giant. Previously Disney's fifth-largest shareholder with a 1.77 per cent stake as of 31 March, the hedge fund sold its shares at approximately $120 each, resulting in a profit of about $1 billion for Peltz.
Last month, Peltz, along with Blackwells Capital, launched a campaign against Disney's shareholders, aiming to secure five board seats. They argued that the media company had mishandled its CEO succession planning, lost its creative edge, and failed to effectively utilise new technology.
However, Disney shareholders supported CEO Bob Iger and other company directors, with Iger receiving the backing of 94 per cent of voting shareholders, while Peltz garnered support from only 31 per cent.
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