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Billionaire and activist investor Nelson Peltz has planned to get his position as a board member of Disney. The Wall Street Journal revealed that Nelson's company, Trian Fund Management, is reportedly requesting several seats where one seat will be reserved for Peltz.
Peltz has already increased his stake in Disney to $30 million, and this makes Trian Fund Management one of the biggest investors in the company.
CNBC revealed that the nomination process for the selection of new board members is starting on December 5 this year and will continue until January 4 next year. In the event that Disney does not agree to Peltz's demands, they would have the freedom to nominate directors who would be voted on during the annual meeting of the company in spring 2024.
Nelson Peltz is known for his work as an activist investor over the years
Investopedia states that Nelson Peltz is an activist investor and the founder of the investment management fund called Trian Fund Management. He finished his education at the Wharton School at the University of Pennsylvania and worked at his grandfather's company, A. Peltz & Sons.
CelebrityNetWorth states that Nelson's father transferred the company's control to him and his brother during the 1970s. The company's profits increased to $140 million. The duo joined a man named Peter May, and they acquired a lot of companies.
Nelson and May were funded by a bank called Drexel Burnham, which helped them search for new companies and make plans for acquisitions. They took over companies like Flagstaff Corp. and Triangle Industries. Peltz then planned to acquire National Can Corporation, and the deal was finalized for $570 million in 1985.
Triangle was later sold to a French company called Pechiney SA for $1.3 billion in 1988. Peltz then purchased Snapple for $300 million in 1997, with some assistance from Trian.
Nelson Peltz has been the owner of various properties in New York and California. He resided in a luxurious estate in Palm Beach, Florida, and he paid $1.7 million per year in property taxes for the estate. Although he listed it for $75 million in 2001, he failed to find a buyer.
Nelson Peltz has been involved in a dispute with Disney since January 2023
According to the Wall Street Journal, Nelson Peltz expressed his criticism of Disney after the rejoining of Bob Iger as CEO in November 2022. He was also seeking operational changes and cost cuts at the company, along with a position on the board.
However, Disney rejected his request for the same, saying that he had no idea about the company's business. He also criticized the company's acquisition of 20th Century Fox in 2019 and addressed the decrease in shareholder value. He launched a proxy battle against Disney but declared the end of the same in February 2023 after Disney revealed its restructuring plans.
The New York Post stated that Iger has taken a few steps to ensure an increase in Disney's profits. This starts with a 27% hike in the subscription price for Disney+ and setting a limit on password sharing. Hulu is also going to witness a 20% price hike.
The outlet revealed that Iger is also planning to bring better films and make arrangements for direct streaming of ESPN. He is additionally working to resolve the ongoing actors strike that began on July 14 this year.
