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Disney Bruised In Board Vote Battle As Pension Fund CalPERS Backs Nelson Peltz & Ex-CFO
Days before the shareholder vote deadline, the board battle for Disney just got even more white knuckled
Around 100 hours before the deadline for all Disney shareholders to cast their ballots in the acrid board clash between the Mouse House and activist investor Nelson Peltz, one of the country’s top pension funds just rolled its cannons onto the battlefield. With 6.7 million shares in Disney, the California Public Employees Retirement System (CalPERS) just blew a hole through Bob Iger and supporters’ hard fought efforts to keep the Ike Perlmutter-backed Peltz and a former CFO from gaining seats on the board on April 3. Add to that coalition, influential voices such as JPMorgan Chase CEO Jamie Dimon, advisory firm Glass Lewis, ValueAct Capital, and New York City Retirement Systems (who have 2.6 million shares in Disney) have come out in support of the 72-year old Iger and the present board.
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