All articles tagged with #proxy fight
Lululemon's founder Chip Wilson is challenging the company's current leadership by nominating new board members, criticizing the company's recent struggles and leadership changes, amid a broader battle for control involving activist investors and rival companies, as the brand faces increased competition and market challenges.
Lululemon founder Chip Wilson has initiated a proxy fight by nominating three independent directors to the company's board, criticizing recent leadership changes and seeking to influence the appointment of a new CEO amid declining shares and increased competition, with support from activist investor Elliott Management.
Nelson Peltz, a hedge fund billionaire and activist investor, claims he played a key role in connecting Elon Musk and Donald Trump, describing himself as a 'matchmaker' between the two. Peltz made these remarks at the CNBC Delivering Alpha conference, where he also criticized Kamala Harris as a 'ridiculous' alternative to Trump. Additionally, Peltz discussed his failed proxy fight to join Disney's board, attributing his loss to index funds' opposition and expressing his willingness to reinvest if Disney's stock price drops. He also criticized Disney's leadership and questioned the focus on diversity in Marvel films.
Nelson Peltz's Trian Fund Management sold its Disney shares for about $1 billion after losing a proxy fight to join Disney's board. Despite the loss, Trian profited from Disney's stock price increase earlier this year. Disney, under CEO Bob Iger, has implemented cost-cutting measures and is focusing on its streaming business, theme parks, and finding a successor for Iger.
Bob Iger faced a tough battle to keep Nelson Peltz off the Disney board, with proxy advisory firm ISS and CalPERS supporting the activist investor. The main issue was Disney's succession process, which had been botched in the past. Peltz's lack of experience in entertainment and controversial statements raised questions about his suitability. Despite Iger prevailing in the proxy fight, speculation about his successor is rife, with internal candidates being considered. Peltz's proxy fight was the most expensive in history, and while he lost, he profited significantly.
Macy's settles its proxy fight with real estate investor Arkhouse by adding two new directors to its board, bringing the company closer to a potential deal to go private. The new directors, Ric Clark and Rick Markee, were Arkhouse nominees and will be part of the committee reviewing Arkhouse's bid to buy the company. The move comes as Macy's struggles with the shift to online shopping and plans to close around 150 of its 500 stores. Arkhouse's bid to take the retailer private differs from past engagements, aiming to give executives time to streamline the business away from the public market.
Activist investor Nelson Peltz discusses his recent loss in a proxy fight against Disney, expressing surprise at institutional investors' decision despite positive feedback. Peltz attributes the loss to "ego" in the room and praises Tesla founder Elon Musk for his lack of ego and willingness to listen. He also hints at future collaboration with former Disney CFO Jay Rasulo.
Disney shareholders voted by a substantial margin to reject activist investor Nelson Peltz's proposal for board seats, re-electing the full slate of 12 board members. Peltz and his firm Trian Fund Management had criticized Disney's board for alleged poor performance and lack of a profitable streaming strategy, but their campaign ultimately failed. CEO Bob Iger secured support from big names like Jamie Dimon and George Lucas, and with the proxy contest over, Disney aims to refocus on growth and value creation.
Disney has successfully defended against activist investor Nelson Peltz's attempt to secure board seats, ending a highly contested proxy battle. The company's current board will remain intact following a shareholder vote, representing a short-term win for Disney but also increasing pressure on the board to deliver results amid industry challenges. Disney also defeated activist Blackwells Capital, and its stock traded lower following the results. Peltz's hedge fund Trian Fund Management had sought to shake up Disney's board, citing shareholder value loss and disappointing studio content, but Disney pushed back, citing progress in turning around its business.
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.
Disney successfully fends off Nelson Peltz in a bitter proxy fight as shareholders vote for the company's board nominees, preventing outsiders from gaining a seat. Peltz, who received less than 31% of the vote, lost to Disney director Maria Elena Lagomasino by a significant margin. The victory is a relief for Disney amid a complex time in the media and entertainment industry, with the company emphasizing the need for focus on growth and value creation.
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.
Disney has garnered enough shareholder votes to defeat activist investor Nelson Peltz and his Trian Partners hedge fund in a proxy fight for board seats. The official vote counts will be announced at Disney’s 2024 annual meeting of shareholders, with sources cautioning that some shareholders may change their vote on the day of the meeting. Index fund manager Vanguard and other institutional investors are reported to support Disney's board candidates over Trian's nominees.
As Disney's proxy fight with Nelson Peltz nears its end, the results will be revealed at the annual shareholder meeting, regardless of the outcome, the succession saga will continue to put pressure on CEO Bob Iger. The fight stems from Iger's mishandling of the succession process, with ISS backing Peltz due to the failed 2020 succession and Iger's continued involvement as executive chairman. Despite reports indicating Disney's edge in the vote, the company will need to address the CEO succession soon. The proxy fight serves as a wake-up call for the board to take more control and conduct a thorough succession process.
Disney and CEO Bob Iger are leading in the board election with over 50% of shareholder votes cast, while activist investor Nelson Peltz's Trian is trailing. Institutional investors BlackRock and T. Rowe Price are supporting Disney's board candidates. The ultimate outcome remains uncertain, with individual shareholders owning a significant portion of outstanding shares. Peltz's proxy campaign has won support from influential advisory firm ISS, while Disney has criticized it as disruptive and destructive. The proxy fight will be decided at Disney's annual meeting on April 3.