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Board Seat

All articles tagged with #board seat

business1 year ago

"Disney Triumphs Over Nelson Peltz in Proxy Battle"

Disney declares victory in a proxy fight as all of its director nominees are elected by shareholders, defeating activist investor Nelson Peltz's campaign to join the board. Peltz's Trian Partners sought to oust two Disney directors but failed to secure enough support. Disney's CEO Bob Iger received 94% of the vote for his board seat, and retail shareholders voted by a margin of about 75% to 25% to support Disney's board. Despite the defeat, Peltz expressed hope for Disney's performance and Trian's impact on the company's focus and governance.

via Hollywood Reporter|
#board-seat#business#disney
business1 year ago

"Disney Triumphs Over Nelson Peltz in Boardroom Showdown"

Elon Musk publicly supports activist investor Nelson Peltz in his proxy fight with Disney, advocating for Peltz to join the entertainment giant's board, citing his excellent track record in improving companies and shareholder value. Peltz, backed by Trian Group, aims to address Disney's alleged strategic and operational missteps, while Disney contends that it has executed key strategic priorities and nominated board members best qualified to oversee the company. The results of the vote are expected to be announced during Disney's annual meeting.

via Fox Business|
#board-seat#business#disney
business1 year ago

"Elliott Secures Board Seat and 13% Stake in Etsy"

Activist investor Elliott Management has acquired a roughly 13% stake in e-commerce company Etsy and secured a board seat for partner Marc Steinberg. The news caused Etsy's shares to surge more than 10%. Elliott, known for its successful track record and managing about $59 billion in assets, has been engaging with Etsy for months. The company has struggled recently, laying off 11% of its staff and facing growing competition from Chinese retailers.

via CNBC|
#activist-investor#board-seat#business
business2 years ago

"Nelson Peltz Launches Proxy War Against Disney's Board"

Billionaire investor Nelson Peltz, who controls roughly $3 billion worth of Disney stock through his firm Trian, has been in a year-long battle with Disney's management. He recently visited Disney World without special passes or a tour guide, and is seeking a board seat for himself and former Disney exec James Rasulo, citing governance issues and the streaming business's lack of profitability. Peltz's website, RestoretheMagic.com, claims that Disney shareholders and fans are not feeling the love, and that investors would have been better off putting money into the S&P 500 or one of its competitors.

via The Daily Beast|
#board-seat#business#disney
business2 years ago

Disney Activist Battle Intensifies with Peltz's Nomination of Former CFO for Board Seat

Trian Partners, led by founder Nelson Peltz, has nominated former Disney CFO Jay Rasulo for a seat on Disney's board as part of a new proxy battle. Trian has criticized Disney's underperformance and lack of shareholder representation on the board. Disney has responded by stating that it has an experienced and qualified board focused on long-term performance and shareholder value. This is Trian's second proxy fight in two years, and it is speculated that the inspiration behind the fight is former Marvel chairman Ike Perlmutter.

via Hollywood Reporter|
#board-seat#business#disney
business2 years ago

Carl Icahn Trims FirstEnergy Stake, Relinquishes Board Seat

Activist investor Carl Icahn has reduced his stake in FirstEnergy Corp, an Ohio utility company involved in a federal corruption scandal, and has given up a board seat he controlled. Icahn's firm, the Icahn Group, trimmed its stock holdings in FirstEnergy below the 1.5% threshold that entitled them to hold board seats. Andrew Teno, a portfolio manager at Icahn Group, resigned from the board. FirstEnergy thanked Teno for his contributions and stated that it has a solid strategy in place. Icahn had been assisting FirstEnergy in moving past the corruption case involving a $1 billion state bailout for nuclear power plants.

via Yahoo Finance|
#board-seat#business#carl-icahn
business2 years ago

Disney Faces Proxy Fight and Dividend Reinstatement Amid Board Seat Battle

Disney has announced the reinstatement of its cash dividend of $0.30 per share for the second half of fiscal 2023, marking its first payout since the dividend was halted three years ago during the pandemic. This move comes as activist investor Nelson Peltz, supported by former Marvel boss Ike Perlmutter, seeks to join Disney's board of directors. In response, Disney has amended its corporate bylaws to address outside candidates seeking board seats. Peltz plans to bring the fight "directly to the shareholders" after Disney rejected his offer and named two new directors instead.

via Deadline|
#board-seat#business#bylaws
business2 years ago

ValueAct's Stake in Disney: Activist Investor Makes Strategic Move

Activist investor ValueAct Capital has quietly built a significant stake in Disney and has been in dialogue with the company's management. ValueAct believes that Disney's theme parks and consumer products businesses alone are worth the low $80s per share, and sees potential for intelligent bundling and pricing strategies to generate more stable and valuable revenue. The activist investor has a history of creating value through board seats and could potentially assist in navigating CEO succession at Disney. This development comes as Disney is already facing a proxy fight from Nelson Peltz and Trian Partners.

via CNBC|
#activist-investor#board-seat#business
business2 years ago

Marvel Chairman Ike Perlmutter Transfers Disney Shares to Nelson Peltz

Former Marvel Chairman Isaac "Ike" Perlmutter has transferred voting power for his Disney shares to Nelson Peltz's Trian Fund Management, as Peltz seeks a seat on the Disney board. Peltz, one of Disney's largest shareholders, previously pushed for a board seat but ended the "proxy war" earlier this year. With Perlmutter's shares, Trian now controls 33 million Disney shares. Perlmutter, who was fired from Marvel Entertainment, plans to urge Disney's board to welcome Trian board candidates. The window for shareholder nominations is from December 5 to January 4.

via WDW News Today|
#board-seat#business#disney
finance2 years ago

Carl Icahn gains ground in Illumina proxy battle.

Activist investor Carl Icahn secured a board seat for one of his three nominees to the board of gene sequencing machine maker Illumina Inc, a partial victory for the investor who is struggling to burnish his credentials following a shortseller attack on his company. Illumina's market value of $30 billion made the fight this year's largest proxy contest to go to a shareholder vote. Its shares closed down 9% at $193.53 on Thursday after Icahn failed in his bid to change the company's management by also ousting Chief Executive Francis deSouza from the board.

via Yahoo Finance|
#board-seat#carl-icahn#finance