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Disney preps for proxy fight against Trian

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Walt Disney Co. appointed Morgan Stanley Chief James Gorman and veteran media executive Jeremy Darroch to its board of directors ahead of an expected proxy fight with Trian Fund Management, according to a report by Bloomberg. This comes as billionaire Nelson Peltz and his Trian Fund Management are planning their own nominees to the board next year.

Trian has amassed a $2.66bn stake in Disney which includes shares pledged by Ike Perlmutter, the former chairman of Marvel Entertainment who was fired by Disney after lobbying for Peltz to join the board, according to the report.

Darroch’s appointment will be effective Jan. 9, while Gorman’s will take effect on Feb. 5, Disney said Wednesday in a statement. The company has also said that Disney’s board will consider potential nominations from Peltz in line with its regular process.


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