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Trian formally nominates Peltz for Disney board seat

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Activist hedge fund firm Trian Fund Management has formally nominated founder Nelson Peltz and former Disney executive Jay Rasulo for seats on the board at Walt Disney, two days after the entertainment giant nominated a different slate of directors, according to a report by AP News.

The report quotes Peltz and Rasulo, Disney’s former CFO, as saying in a preliminary proxy filing on Thursday that they wanted to complete a successful CEO succession at Disney and align management pay with performance.

The filing also states that Peltz and Rasulo would like Disney to hit “Netflix-like EBITDA margins” of 15% to 20% by 2027.

On Tuesday, Walt Disney’s board recommended shareholders vote for its slate of 12 directors, which includes General Motors CEO Mary Barra, current Disney CEO Bob Iger, and Mark Parker, the company’s Chairman.

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