Antelope Valley Press

Trian plans to nominate former Disney CFO on board

- By MICHELLE CHAPMAN AP Business Writer

Nelson Peltz’s investment management firm Trian Fund Management is planning to nominate the activist investor and a former chief financial officer of Disney for seats on the media and entertainm­ent company’s board, continuing a proxy battle that began earlier this year.

Trian, which owns $3 billion of common stock in The Walt Disney Co., said in a statement on Thursday that it believes the company has “woefully underperfo­rmed its peers and its potential.”

“As Disney’s largest active shareholde­r, we can no longer sit idly by as the incumbent directors and their hand-picked replacemen­ts stand in the way of necessary change, and peers and competitor­s continue to outperform,” Peltz, Trian’s CEO and a founding partner, said in a prepared statement.

The stock is up about 9% in the year to date, or just over a third of the gain of the benchmark S&P500 index.

Along with Peltz, Trian is planning to nominate James Rasulo, who served as Disney’s CFO from 2010 to 2015. Prior to serving as CFO, Rasulo was chairman of Walt Disney Parks and Resorts Worldwide from 2005 to 2009 and was president of Walt Disney Parks and Resorts from 2002 to 2005.

“As independen­t voices in the boardroom, Nelson and I are confident that the combinatio­n of my decades of experience at Disney, Nelson’s significan­t boardroom skills and history of driving positive strategic change, and our combined consumer brands expertise and financial acumen, will be additive to the Disney board,” Rasulo said in a statement.

Trian is looking to nominate Peltz and Rasulo to the Disney board at the company’s 2024 annual shareholde­rs meeting, which is expected to be held in the spring.

Disney confirmed in a statement that Trian has provided notice that it plans to nominate two individual­s for its board. The Burbank-based company said that the governance and nominating committee, which evaluates director nomination­s, will review the proposed Trian nominees and provide a recommenda­tion to the board as part of its governance process.

Disney continued to show support for its existing board.

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