DIS - Ancora: Nelson Peltz would be a 'fantastic addition to Disney's board'

2023-12-05 12:11:52 ET

Walt Disney Co (NYSE: DIS) is in focus this morning after Ancora urged the entertainment conglomerate to add Nelson Peltz to its board.

Ancora wrote a letter to Disney’s board today

Nelson Peltz – the Founder of Trian Partners or a “qualified designee” would be a “fantastic addition” to the board of directors at Disney, as per a letter the activist investor wrote to the mass media behemoth on Tuesday.

Ancora held over 60,000 shares of the California-based company at the end of September – which are worth about $6.0 million at writing. The news arrives only days after Peltz pushed for two board seats at the Walt Disney Co ( read more ).

That saw the New York-listed firm reinstate its dividend at 30 cents per share after keeping it suspended for some three years. is currently down about 20% versus its year-to-date high.

Ancora blames the board for recent struggles

Also today, Ancora held the board responsible for a bunch of challenges that Disney has faced in recent years, including box-office flops and streaming losses.

While it has been argued that challenges largely stem from the tenure of Bob Chapek, the Board was in the driver’s seat before, during and after that time.

Last month, the Walt Disney Co reported weaker-than-expected revenue for its fourth financial quarter.

Note that ValueAct – another activist investor that has a stake in the Burbank-headquartered multinational has so far remained silent on the recent Nelson Peltz episode. Wall Street currently has a consensus “overweight” rating on .

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