Disney defends Bob Iger, takes a swing at Nelson Peltz
Disney hit back against Nelson Peltz in his bid for a board seat, saying this morning that the Trian Partners co-founder "does not understand" the media business.
Why it matters: Peltz last week launched a proxy fight inside the Magic Kingdom, accusing CEO Bob Iger of ruining shareholder value, particularly with its 2019 Fox deal.
The latest: Disney formally responded to Peltz's push for a board seat this morning in an SEC filing, in which the company staunchly defended Iger's record during his first go-round as CEO while attacking Peltz's lack of media experience.
- "Nelson Peltz does not understand Disney's business and lacks the skills and experience to assist the board in delivering shareholder value in a rapidly shifting media ecosystem," the company said.
- Disney also defended incoming board chairman Mark Parker, pointing out that he led a "successful" CEO transition at Nike in 2020.
- In terms of the Fox deal, which Disney closed in 2019 for more than $71 billion, Disney said that Trian's analysis of that deal was "fundamentally flawed."