Los Angeles, California – The California Public Employees Retirement System (CalPERS) made a significant decision to elect activist investor Nelson Peltz and Jay Rasulo to the board of Walt Disney Company. This move comes as CalPERS believes that fresh perspectives are crucial for Walt Disney Co’s board of directors. With CalPERS owning 6.65 million shares in the media giant, their support for Peltz and Rasulo is seen as a vote for change within the company.
CalPERS joins Egan-Jones and Institutional Shareholder Services in backing Peltz and Rasulo, highlighting a growing wave of support for their candidacy. The upcoming annual shareholders meeting on April 3 will serve as the battleground for the final showdown over the two board seats at Disney.
For months, Nelson Peltz and Disney CEO Bob Iger have been engaged in a tense proxy fight for control of the board seats. Trian Partners, with its $3.5 billion stake in Disney, nominated Peltz and Rasulo for the positions, challenging the status quo within the company.
This marks Peltz’s second attempt at securing a seat on Disney’s board, with his previous campaign in 2023 falling short. Peltz is now arguing that Disney’s business is on the decline under Iger’s leadership, a claim that Disney and Iger are actively contesting to shareholders.
Despite efforts from Iger and Disney to sway shareholder votes away from Trian Partners’ candidates, the battle for the board seats remains intense. Iger has publicly labeled Peltz as a “distraction” that could potentially harm the company’s future trajectory.
As the shareholders meeting approaches, all eyes are on the outcome of the voting process and the potential impact of Peltz and Rasulo’s election to the Walt Disney Company’s board. With mounting support from key investors and advisory firms, the decision could signify a significant shift in the company’s leadership and direction.