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In the latest developments in Nelson Peltz and Disney proxy war row, Peltz's Trian Fund Management has taken up the decision to put a stop to the ongoing war. Notably, this happened soon after Disney came up with a new restructuring plan in which several job cuts and cost-reduction plans will take place.
For those unaware, the Disney proxy war began in January 2023 when Nelson Peltz-owned Trian Fund Management pushed Disney to give him a seat on the board. The firm said that there was a time when they owned around 9.4 million shares that were valued at around $900 million but this was accumulated a few months prior to the proxy war.
The war also turned nasty when Disney started to disagree with Peltz's fund management. However, now with Disney's latest restructuring plans, Nelson Peltz has put an end to the war.
Speaking to CNBC, Nelson Peltz said,
"The proxy fight is over."
Disney released a statement on Thursday, February 11, 2023. In the statement, the company said that they were pleased that their Board and management can remain focused without the distraction of a proxy contest.
The statement further added:
"We have tremendous faith in Bob Iger's leadership and the transformative vision for Disney's future he set forth yesterday."
It is worth noting that Bob Iger is currently the CEO of Disney, and took over his own successor Bob Chapek in November 2022, after the former was fired from the company. Iger served as the CEO of the company from 2005 to 2020 when his contract expired.
Nelson Peltz is a board member of several companies
Nelson Peltz is a billionaire investor, businessman, and founding partner of Trian Fund Management, and a board member of several prominent companies.
According to Forbes, Peltz's net worth is estimated to be around $1.4 billion.
Peltz grew up in Brooklyn and began working with his family quite early. His family had a food business and he later turned it into a multi-million dollar corporation.
Later, in 2005, Peltz and his partners founded Trian Fund Management. With this company, they invested in brands and companies like Heinz, Wendy's, and Kraft, among others. According to reports, Peltz owns more than 278,275 units of Wendy`s Co stock worth over $570,506,794.
Forbes also reported that Trian Fund Management has $8.5 billion in assets under management.
Disney's restructuring plan will have cost cuts, and 7,000 layoffs
Disney announced the vast reorganization plan and said that they will be looking to cut the cost, and this would be estimated at around $5.5 billion. Other than this, they will also cut around 7,000 jobs.
It is reported that the company is planning to restructure its business into three divisions and will lay its focus on bringing its streaming business to profitability by 2024. Disney's annual shareholder meeting is scheduled to take place on April 3, 2023.
