Activist hedge fund Trian Fund Management said on Friday it had received “numerous inquiries and expressions of support” from other Walt Disney (NYSE:DIS) shareholders as the Nelson Peltz-led fund tries to boost Disney’s performance and share price.
“As a large shareholder of Disney we are interested in the long-term success of the Company and are excited about the opportunity to represent the interests of all shareholders in the boardroom,” Trian said in the filing.
“We are confident that Nelson’s significant experience and long track record of driving sustainable long-term shareholder value would make him an invaluable addition to the Disney Board as it seeks to address the challenges facing the Company,” Trian added.
Disney (DIS) shares were fractionally negative in late Friday trading.
This week, Trian disclosed that it was advocating for the 80-year-old Peltz to join the media and entertainment’s board after years of financial underperformance.
Trian and Disney (DIS), now led by Bob Iger, who returned to the top spot in late November, are in a proxy dispute. Trian previously said it “has tried to effect a resolution through constructive dialogues with members of the Disney Board and management team over the past several months.”
In a presentation posted on RestoreTheMagic.com, Trian said it is not looking to replace Iger, breakup the company, boost leverage or cut costs that impact the product or customer experience, among other potential negatives.
Rather it is looking for a successful CEO succession plan in two years, as well as a reinvigoration of the Disney “flywheel,” a reinstatement of the company’s dividend by fiscal 2025 and several other initiatives.
On Thursday, Engine Gaming & Media executive chairman Tom Rogers said Disney (DIS) has a “boatload” of problems and has “lost its way.”