The latest step in the battle between Nelson Peltz and Disney’s middleman is that Peltz’s Trian Fund Management Company has decided to end the conflict. In fact, this happened shortly after Disney announced a new reorganization plan that includes a variety of job cuts and cost-cutting measures. The conflict over Disney’s middlemen began in January 2023, when Nelson Peltz’s Trian Fund Management pressured Disney to give him a seat on the board. The company said it previously owned 9.4 million shares worth about $900 million, however, the shares were accumulated several months before the proxy war.
When Disney began to disagree with Peltz’s fund management, the feud escalated. However, Nelson Peltz has stopped fighting with Disney’s current reorganization plans.
Nelson Peltz, speaking on CNBC, said,
“The proxy war is over.”
On February 11, 2023, Disney released a statement. The company said in a statement that it is pleased that the Board and management can continue to focus without being distracted by the war of middlemen.
The statement goes on to say:
“We have great confidence in Bob Iger’s leadership and the groundbreaking vision he outlined yesterday for the future of Disney.”
It is worth mentioning that Bob Iger is the current CEO of Disney, succeeding his predecessor Bob Chapek in November 2022 after his predecessor was deposed. Iger was the company’s chief executive officer from 2005 until his contract was terminated in 2020.
net value
Nelson Peltz is a wealthy investor, entrepreneur and founder of Trian Fund Management. He is also a member of the board of directors of many reputable companies. Peltz’s net worth is estimated at $1.4 billion by Forbes. Peltz grew up in Brooklyn and started working for the family at a young age. His family owned a food company, which he eventually expanded into a multi-million dollar company.
Nelson Peltz is a board member of many corporations.
Peltz and his partners later founded Trian Fund Management in 2005. Through this company, they have invested in brands and companies such as Heinz, Wendy’s and Kraft. According to sources, Peltz holds more than 278,275 shares of Wendy’s Co worth more than $570,506,794. According to Forbes, Trian Fund Management manages $8.5 billion worth of assets.
Disney’s reorganization plan will include cutting costs as well as laying off 7,000 employees.
Disney has unveiled a sweeping restructuring plan and said it will look to cut costs, which are expected to total about $5.5 billion. In addition, they will lay off about 7,000 people. According to reports, the group intends to reorganize its operations into three parts and will focus on making its streaming business profitable by 2024. Disney’s annual shareholder meeting is expected on April 3, 2023.
Activist investor Nelson Peltz on CNBC Now: Everyone’s Making Money, The Proxy War Is Over…. “I didn’t know it was his (Bob Iger) birthday, maybe I’ll send him a present.” $DIS +4.9%
– Kristina Partinevelos (@KristinaParts) February 9, 2023
Categories: Entertaintment
Source: vcmp.edu.vn