Disney Aligns with ValueAct Amid Board Tussle as Blackwells Nominates Directors
Originally Published 2 years ago — by Yahoo Finance
Disney CEO Bob Iger is garnering support from ValueAct Capital and Blackwells Capital to counter activist investor Nelson Peltz's pressure for changes on the board. ValueAct has agreed to support Disney's board nominees and consult on strategy, while Blackwells, which proposes its own nominees, criticizes the Disney-ValueAct cooperation as insufficient. Peltz, through Trian Fund Management, holds a significant stake in Disney and has been critical of the company's succession planning and governance. Iger, who returned as CEO in late 2022, has been implementing cost-cutting measures, including job cuts, to improve financial performance. The shareholder meeting in the spring will be a key event for these power dynamics to play out.