After Losing The Proxy Fight, Nelson Peltz Has Reportedly Sold All Of His Disney Stock
Image Source: Spectrum News
An activist billionaire, Nelson Peltz decided to sell his share of Disney stock. At $120 per share, Peltz earned around $1 billion from the sale. The sale came after a proxy fight in which Peltz attempted to influence the company's position. The proxy fight failed with the same 12 board members being reelected. Peltz took particular issue with how CEO Bob Chapek handled the company. Peltz claimed, “They all took Bob’s [Iger] word, and they voted Chapek in. That’s not what the responsibility of a director is.”
Peltz was also adamant about holding Disney to their promises, and pursuing an activist agenda if they let those promises fail. Peltz said, “I hope this is not a redo of last year where we pulled out, gave management a chance and the stock went down. Whether we stay [invested in Disney] or not, we don’t make those kinds of announcements.”
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Image Source: NBC 26
Peltz claimed his outsider perspective would bring a fresh take to Hollywood and thought board members were too revenant of Iger. Iger has been CEO from 2006-2020 and returned in 2022 after Chapek’s departure. For his part, Iger assured shareholders that they were treating the issue of Disney’s CEO successor as a top priority with urgency. The entertainment company’s other goal is to reach double-digit margins in streaming.
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