Disney Appreciates Nelson Peltz’ Decision To Back Off Proxy Fight, Says It “Respects And Values The Input Of All Shareholders”

Disney has offiically responded to news this morning that Nelson Peltz and his Trian Fund are no longer trying to crash its board. The activist investor broke the news earlier this morning on CNBC that he has dropped his proxy battle and wishes the company and its CEO Bob Iger the best.

His move follows a major restructuring Disney announced yesterday that Peltz said spoke to a number of his concerns on the the company’s management and strategic direction. He was planning to run for election as a director at the annual meeting of shareholders in May.

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Disney’s statement:

BURBANK, Calif., February 9, 2023—The Walt Disney Company (NYSE: DIS) Board of Directors issued the following statement today in response to Nelson Peltz’s announcement that Trian Fund is no longer pursuing a proxy contest at Disney:

“We respect and value the input of all our shareholders and we appreciate the decision by Trian Fund announced by Nelson Peltz this morning. 

This is a moment of great opportunity for The Walt Disney Company, as we recommit to our historic 100-year legacy of unrivaled creativity and a future of sustained growth and profitability. We are pleased that our Board and management can remain focused without the distraction of a proxy contest, and we have tremendous faith in Bob Iger’s leadership and the transformative vision for Disney’s future he set forth yesterday.   

We will continue to engage with all our shareholders, and we look forward to our upcoming annual meeting on April 3, 2023. All shareholders of record as of the close of business February 8, 2023 are entitled to vote at the meeting.”

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