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Disney Activist Investor Nelson Peltz’s Trian Wins Endorsement for Board Candidates From Advisory Firm Egan-Jones
Nelson Peltz's Trian received the backing of another investor-advisory firm in his battle to secure two seats on Disney's board.
Disney “is undertaking what we consider to be a credible effort to shift key operational priorities under the leadership of one of the most well-respected CEOs in the industry,” Glass Lewis said in the report, referring to Iger. “[W]e consider the subsequent 15 months [since Iger’s return as CEO] have provided management and an incrementally reconstituted board with adequate opportunity to launch a more credible succession program and develop, communicate and execute on several key initiatives which appear to reasonably target acknowledged operational and financial weaknesses at Disney.” The company has rejected the nominees from Trian and Blackwells as lacking “the appropriate range of talent, skill, perspective and/or expertise to effectively support the Board’s ongoing efforts to drive profitable growth and shareholder value creation in the face of continuing, industry-wide challenges.”
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