David A Grogan | CNBC
Disney pushed back on Nelson Peltz̵[ads1]7;s bid for a board seat Tuesday, as the entertainment giant’s proxy battle with the investor and his activist firm, Trian Fund Management, takes shape.
Disney said in a securities filing Tuesday that the board was where it needed to be to move the company forward. The company also defended CEO Bob Iger’s earlier acquisition, saying Peltz lacked an understanding of Disney’s business, lacked the skills to drive shareholder value and presented no strategy.
“Peltz has no track record in media or technology with large companies, no solutions to offer for the evolving media landscape,” Disney said in an investor presentation released Tuesday.
Last week, Peltz made his case for a proxy fight with Disney on CNBC’s “Squawk on the Street” after Trian filed a preliminary proxy statement seeking a seat on the board.
Peltz raised questions about how shareholder value has eroded recently and Disney’s $71 billion acquisition of Fox in 2019. Trian has also called out what it called poor corporate governance, including failed succession planning and Disney’s lack of engagement with Trian in recent months.
— CNBC’s David Faber contributed to this report.
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