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Source: chrisdorney / ShutterstockDisney (NYSE:DIS) stock is a hot topic among traders as the company prepares for a battle with an activist investor.
Trian Partners is behind this with its nomination of Nelson Peltz to the company’s Board of Directors. Disney is advising shareholders to vote against adding Peltz to the Board and instead vote in favor of the directors it’s chosen for nomination.
Peltz’s Trian Partners has been pushing for changes at Disney and has been in talks with the company. This comes after it made an $800 million investment in DIS stock in November. The firm also isn’t happy with the return of Bob Iger, which Disney doesn’t expect to be permanent.
Changes to Disney’s Board
Disney has nominated Mark Parker as the next chairman of its Board. Parker would replace Susan Arnold in this position. Arnold is no longer eligible to serve as chairman due to a 15-year limit put in place by Disney.
After the new Board is elected, Disney intends to create a committee to handle CEO succession. Disney has only signed on Iger for another two years with the intent that he will spend that time training a replacement CEO.
It’s worth noting that Iger already trained a replacement once with Bob Chapek. Chapek took over the company in 2020, but economic strain has left investors unhappy with his leadership as DIS stock dropped in price throughout 2021 and 2022.
DIS stock is up 2.8% as of Thursday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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