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Trian continues to push for board changes at Disney ahead of vote



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NEW YORK – The Trian Group, owning over $3.5 billion of The Walt Disney Company (NYSE: NYSE:DIS) stock, has reiterated its stance for a board overhaul at Disney, advocating for its nominees Nelson Peltz and Jay Rasulo. Trian criticizes Disney’s recent performance, claiming more than $200 billion in shareholder value has been lost.

The activist investor group urges shareholders to vote for Peltz and Rasulo and against incumbent directors Maria Elena Lagomasino and Michael B.G. Froman at the upcoming annual shareholder meeting on April 3, 2024.

Trian attributes Disney’s underperformance to the board’s lack of focus and accountability, citing poor strategic decisions and executive compensation misalignment. They argue that the board’s handling of CEO succession, which saw Bob Chapek’s contract renewed shortly before his dismissal and the return of Bob Iger, was mishandled.

Despite acknowledging Iger’s respect within the industry, Trian emphasizes that the election is about the board’s composition, not Iger’s leadership. Peltz and Rasulo are presented as candidates with a shareholder mindset and relevant experience. Peltz has served on eleven public company boards and Rasulo is a former CFO of Disney, a position he held for over five years.

Trian’s campaign has received support from various corners, including Institutional Shareholder Services (ISS), which suggested Peltz could add value to Disney’s board, particularly in the CEO succession process and capital allocation decisions.

With the shareholder meeting imminent, Trian is calling for immediate action from Disney’s shareholders, stressing the importance of each vote. The group’s message is clear: electing Peltz and Rasulo could restore focus, alignment, and accountability to Disney’s board and potentially set the company on a path to reclaim lost shareholder value.

This article is based on a press release statement from Trian Fund Management, L.P.

InvestingPro Insights

As The Walt Disney Company (NYSE: DIS) approaches its pivotal annual shareholder meeting, real-time data and analysis from InvestingPro provides a deeper understanding of the company’s financial health and stock performance. The market capitalization of Disney stands at a robust $212.54 billion, reflecting the company’s significant presence in the entertainment industry, which is also highlighted as an InvestingPro Tip. This suggests that despite recent criticisms, Disney remains a heavyweight player.

InvestingPro Data indicates that Disney is trading at a high earnings multiple with a P/E ratio of 71.36, although adjusted figures for the last twelve months as of Q1 2024 show a lower ratio of 42.29. This high valuation is corroborated by another InvestingPro Tip, which points out that Disney’s stock is currently in overbought territory, signaling that it may be trading at a premium compared to its intrinsic value.

However, there is optimism regarding Disney’s profitability, as net income is expected to grow this year, a sentiment echoed by analysts and reflected in the company’s recent strong return over the last three months, with a 27.3% price total return. This could be a key consideration for shareholders as they weigh their votes at the upcoming meeting.

For readers seeking a comprehensive analysis and additional insights on Disney, there are 11 more InvestingPro Tips available, which can be accessed with the coupon code PRONEWS24 for an additional 10% off a yearly or biyearly Pro and Pro+ subscription at


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