Bob Iger and Nelson Peltz.
CNBC
Activist investor Nelson Peltz sells all his shares disneyA person familiar with the matter told CNBC.
Peltz sold all of his Disney stock at about $120 a share, making about $1 billion from the position, the person said. The stock currently trades at about $100 per share.
Peltz’s Trian Partners lost a proxy fight with Disney in early April, with shareholders re-electing the company’s full board of nominees, and Peltz exited weeks later. Peltz has been seeking to elect himself and former Disney CFO Jay Rasulo to the company’s board of directors.
Peltz has long taken issue with Disney’s governance. In October, CNBC reported that he increased his stake in the company to about 30 million shares and relaunched his proxy campaign, specifically targeting the company’s streaming strategy and CEO Bob Iger’s failed succession plan .
“We are proud of the impact of the company’s renewed focus on value creation and good governance,” Trian said in a statement following the April shareholder vote.
Disney shares are up about 11% so far this year, slightly outperforming the S&P 500 Index.
Disney did not immediately respond to a request for comment.
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