If you’re feeling a sudden wave of déjà vu, you’re not alone. Back in October, we reported that Nelson Peltz wasn’t quite done meddling in Disney company business just yet — but now, he’s made it official. 

Peltz previously threw his name into the ring for a position on Disney’s Board of Directors, Peltz initiated a proxy battle for the spot which ultimately ended before it began, with Peltz pulling out of the fight and declaring his support for Disney and CEO Bob Iger. Now, Peltz is back and he’s throwing his name into the ring yet again.

Trian Partners — operated by Nelson Peltz — has officially made a bid for not one, but two seats on the Board of Directors at The Walt Disney Company.

A statement released by Trian states the company “Believes the Disney Board’s lack of focus, alignment, and accountability has resulted in chronic underperformance at one of the world’s most iconic companies.”

On December 14th, Trian submitted an official notice of intention to nominate two independent director candidates for election to the Disney Board of Directors at the Company’s 2024 Annual Meeting of Shareholders.

According to Trian, “Disney is one of the most iconic companies in the world with unrivaled scale, unparalleled customer loyalty, irreplaceable intellectual property (“IP”), and an enviable commercial flywheel. However, Disney has woefully underperformed its peers and its potential.”

It’s because of this, Trian says, that it’s nominating Nelson Peltz and James A. “Jay” Rasulo as candidates for directors of Disney’s Board.

Jay Rasulo served as Senior Executive Vice President and Chief Financial Officer of The Walt Disney Company from 2010 to 2015. Trian stated that Bob Iger once called him “a vital contributor to Disney’s success” with “strategic acumen and savvy insight.”

“The Disney I know and love has lost its way,” said Rasulo. “As independent voices in the boardroom, Nelson and I are confident that the combination of my decades of experience at Disney, Nelson’s significant boardroom skills and history of driving positive strategic change, and our combined consumer brands expertise and financial acumen, will be additive to the Disney Board. With a shareholder mandate, Nelson and I look forward to helping the Board and management reorient the Company towards delighting its consumers again and driving significant value for its owners.”

Peltz shared his thoughts on the matter and said, “To resolve the malaise and crisis of confidence among Disney shareholders, the Board needs fresh perspectives from truly independent directors selected by the shareholders themselves.

Jay and I have the strategic, operating, financial, and governance expertise to help Disney and are committed to working with the other members of the Board and management team to address the fundamental issues underlying the Company’s continued poor performance. There is much that can be done to revive Disney and restore the confidence of Disney shareholders, and Trian looks forward to discussing these opportunities with our fellow shareholders over the coming months.”

Disney confirmed Trian’s notice of intent to nominate Peltz and Rasulo, and defended the company’s current Board.

“Disney has an experienced, diverse, and highly qualified Board that is focused on the long-term performance of the Company, strategic growth initiatives including the ongoing transformation of its businesses, the succession planning process, and increasing shareholder value.”

The nominations will be reviewed by the Governance and Nominating Committee who will give the Board a recommendation on what decision to make. Disney expects to file preliminary materials for the 2024 Annual Meeting of Shareholders with the Securities and Exchange Commission (SEC) that will include the Board’s recommended director nominees.

Over the past year, Activist investor Nelson Peltz and Trian Partners (Peltz is CEO of Trian Partners) began pushing for Peltz to have a seat on Disney’s Board of Directors before Peltz was even an investor in Disney. Peltz shared quite a few criticisms of the Walt Disney Company — notably CEO succession, poor financial strategy (especially when it comes to streaming), and not enough accountability with capital allocation.

But, that all changed after the first-quarter earnings call of Fiscal Year 2023 when Peltz suddenly declared that all was now copacetic between him and Disney. Shortly after, the proxy battle was over and Nelson Peltz was but a distant memory — until now.

Peltz also recently increased his stake in The Walt Disney Company, with his Trian Fund Management having accumulated more than $2.5 billion in shares.

We’ll continue to keep an eye on this situation as it develops, so be sure to stay tuned to DFB for the latest.

Who Is Nelson Peltz and Why Do People Care What He Says About Disney?

The post NEWS: Nelson Peltz Names Himself and Former Disney CFO as Walt Disney Company Board Nominees first appeared on the disney food blog.