The California Public Staff Retirement System (CalPERS) stated the U.S. pension fund has voted to elect activist investor Nelson Peltz and Jay Rasulo to to the board of Walt Disney Firm, Reuters reported Friday.
“CalPERS believes Walt Disney Co will profit from contemporary eyes on its board of administrators and voted its firm shares in favor of candidates Nelson Peltz and Jay Rasulo,” CalPERS, which owned 6.65 million shares within the media large on the finish of December, informed the outlet.
CalPERS joins advisory agency Egan-Jones, who’ve already famous it’s backing Peltz and Rasulo, and Institutional Shareholder Companies, who finally beneficial a vote for Peltz.
The vote comes simply days forward of Disney’s annual shareholders assembly on April 3, the place the ultimate showdown is about to happen over two seats on the leisure large’s company board. That’s when buyers will forged their votes for the board.
For a number of months, Peltz, founding father of the funding agency Trian Companions, and Disney CEO Bob Iger have been on the heart of a tense proxy combat for management of the 2 spots after Disney introduced its 12 board nominees in the beginning of the 12 months — which included Iger.
However then, Trian Companions — which controls a $3.5 billion stake in Disney — nominated Peltz and Rasulo, ex-Disney chief monetary officer, for the board seats.
Whereas that is Peltz’s second try at getting a seat on Disney’s board (He beforehand campaigned in 2023 however finally failed to attain the spot), he’s arguing now that Disney’s enterprise is in decline underneath Iger.
Nevertheless, Iger and Disney have been making an attempt to persuade shareholders to not vote for the funding agency’s candidates. The Disney CEO has beforehand stated Peltz is a “distraction” that may finally damage the corporate.