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Disney defends Bob Iger, takes a swing at Nelson Peltz

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Jan 17, 2023

Disney CEO Bob Iger. Image: (Photo by Rodin Eckenroth/FilmMagic via Getty Images)

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."
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