Walt Disney Co. scheduled its next annual shareholder meeting for April 3, giving the company almost two months to convince investors that it is on track and doesn’t need activist investor Nelson Peltz on its board.
(Bloomberg) — Walt Disney Co. scheduled its next annual shareholder meeting for April 3, giving the company almost two months to convince investors that it is on track and doesn’t need activist investor Nelson Peltz on its board.
Peltz, the co-founder of Trian Partners, nominated himself as a Disney director in January after the board rejected his overtures. The billionaire is launching a proxy fight, trying to convince large shareholders that he has the experience to right the world’s largest entertainment company after Disney’s stock price floundered in recent years and its CEO was replaced.
Disney’s former chief executive officer Bob Iger returned to the role in November after the company posted a surprise $1.5 billion loss in its streaming TV business. The company has said Peltz doesn’t have media experience and hasn’t offered any new ideas, adding that Iger is taking steps to turn the business around.
The shareholder meeting will be held virtually this year.
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