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Disney Notches Win Against Nelson Peltz As Influential Proxy Advisory Firm Backs Company’s Board
Proxy advisory firm Glass Lewis advises Disney shareholders to reject all outside board nominees, a boost in the company's fight with Nelson Peltz.
Glass Lewis cited “measurable shifts” in Disney’s strategy since CEO Bob Iger ’s return in rejecting the nominees of Nelson Peltz ’ Trian Group as well as candidates nominated by investment firm Blackwells. “We are pleased that Glass Lewis recognizes the strength of our highly qualified nominees and supports our plans to return this iconic company to a period of sustained growth and shareholder value creation,” said Mark Parker, chairman of the board. In making its recommendation, Glass Lewis noted that 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 … While it remains too early to say with certainty that each of those programs will prove successful, we believe it is similarly too early to suggest there exists adequate cause for investors to support alternate solicitations which may prove significantly less accretive to Disney’s trajectory, by comparison.”
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