Disney Elects Mark Parker Board Chairman, Replacing Susan Arnold; Faces Proxy Fight As Activist Investor Nelson Peltz Seeks A Seat

[Y2kTheNewOldies]

https://deadline.com/2023/01/disney-mark-parker-board-chairman-susan-arnold-activist-investor-nelson-peltz-1235218721/#recipient_hashed=2ec9ce834f7dfcbd8366c088aae71c4495ea058de393aaa911e79a0a64eaa988&recipient_salt=1647efd76c5fdce2b562fb95bdf916387b7d2ea6936a1d5940c4336463521675

Disney gets chages at the board level.

Walt Disney has named a new chairman of the board, and indicated it’s also in for a proxy fight as Nelson Peltz’ Trian Group seeks a director’s seat for the activist investor in opposition to the company’s slate.

“The Board does not endorse the Trian Group nominee, and recommends that shareholders not support its nominee, and instead vote FOR all the Company’s nominees,” Disney said.

Disney’s said its board has elected Mark Parker chairman, effective following the annual meeting of shareholders. A Disney director for the past seven-years and Executive Chairman of Nike as well, he will succeed Susan E. Arnold, who will not stand for re-election — as per the 15-year term limit under Disney’s Board Tenure Policy. As a result, the board will be reduced to 11 members.

 

[Y2kTheNewOldies]

Disney Says Investor Seeking Board Seat ‘Does Not Understand’ Company

In a security filing, Disney was harshly critical of Nelson Peltz, saying he had “no strategy, no operating initiatives, no new ideas and no plan.”

www.nytimes.com

Here is more on the battle at the board.