Nelson Peltz to not cast vote in favour of Disney CEO Bob Iger

Nelson Peltz has decided to not cast vote in favour of Bob Iger – chief executive of the Walt Disney Co (NYSE: DIS). Shares of the entertainment giant are in the green at writing.

Is Nelson Peltz trying to oust Bob Iger?

The announcement is significant since it’s in contrast with statements the activist investor made in recent weeks about wanting to work “with” the management of $DIS.

“Disney is stupid because I’m not trying to fire Bob Iger, I want to help him. We don’t fire CEOs” – he told the Financial Times in a recent interview.

What sources revealed today is notable also because it signals just how toxic things could get if Nelson Peltz does indeed secure a seat on the board of Disney.

Peltz’s Trian Management has a rather small about 1.5% stake in the mass media behemoth.

"Why Do I Have To Have Another Marvel Movie That's All Women?" Billionaire Slams 'Woke' Disney Amid Board Proxy Battle https://t.co/HyS9LhhATi

— zerohedge (@zerohedge) March 24, 2024

Blackwells backs current Disney CEO

Also on Monday, Blackwells Capital criticised Nelson Peltz of Trian Management in a letter that urged shareholders to favour a slate of twelve directors that Disney itself has nominated.

The news arrives only days after Jamie Dimon – the chief executive of JPMorgan also endorsed Bob Iger as a “first-class executive and outstanding leader” (find out more).

Despite the ongoing proxy battle and the related uncertainty, analysts at Barclays upgraded $DIS this morning to “overweight” and raised their price target to $135 which suggests another 13% upside from here.   

Note that the New York listed firm is scheduled for a board meeting on April 3^rd.

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