Nelson Peltz refuses to vote for Disney CEO Bob Iger in proxy fight | Wilnesh News

Nelson Peltz’s Trian Fund Management refuses to vote walt disney The asset manager is locked in a bitter proxy battle with the entertainment giant, with Chief Executive Bob Iger on the ballot, according to sources monitoring the situation.

Considering the intensity of the battle, this move isn’t shocking.

However, this runs contrary to Trian’s proxy advice and is inconsistent with Peltz’s public statements about his desire to work with management if elected to the Disney board.

In recent weeks, Disney has stepped up its attacks on Trian and Peltz. “Using Fiction to Fix Trian’s Facts” was the title of Disney’s most recent investor presentation, which featured a photo of Pinocchio with an ever-increasing nose.

“Disney is stupid because I don’t want to fire Bob Iger, I want to help him,” Peltz recently told the Financial Times. “We are not firing the CEO.”

When asked for comment, a Trian spokesperson referred CNBC to a Press release Trian reiterated his proxy recommendation and said he supports Iger as a candidate for the board of directors and as CEO.

However, rejecting Iger’s vote is not an endorsement of his leadership and raises questions about how hostile the boardroom environment would become if Peltz was elected to Disney’s board next month.

Disney nominated 12 directors, including Iger. Trian formally recommended shareholders vote for Peltz and former Disney CFO Jay Rasulo, and reserved votes for current board members and Disney nominees Maria Elena Lagomasino and Michael Fernando Roman.

Trian’s stake in Disney is relatively small, accounting for about 1.5% of Disney’s outstanding shares when combined with former Marvel Entertainment Chairman and CEO Ike Perlmutter’s ownership position , who sided with Peltz in the proxy fight.

A Disney board meeting will be held on April 3, and Trian may change his vote during that time.