---
title: "Trian’s Nelson Peltz Says Proxy Fight With Disney Is Over"
description: "Trian Partners LP founding partner Nelson Peltz said Thursday that his proxy battle with Walt Disney Co. is over."
type: "NewsArticle"
publisher: "Daily Maverick"
site: "https://www.dailymaverick.co.za"
section: "Business Maverick"
author: "Bloomberg"
author_url: "https://www.dailymaverick.co.za/author/bloomberg/"
canonical_url: "https://www.dailymaverick.co.za/article/2023-02-09-trians-nelson-peltz-says-proxy-fight-with-disney-is-over/"
published: "2023-02-09T17:42:38"
lang: "en-ZA"
word_count: 269
---

# Trian’s Nelson Peltz Says Proxy Fight With Disney Is Over

> Trian Partners LP founding partner Nelson Peltz said Thursday that his proxy battle with Walt Disney Co. is over.

By Bloomberg · Published 9 February 2023, 19:42 SAST

## Key points
- Activist investor Nelson Peltz has dropped his proxy battle with Disney after CEO Bob Iger announced plans for a dramatic restructuring, which addressed two of Peltz's main complaints. The news was confirmed in an interview with CNBC, where Trian said the decision was a "win for all shareholders." Proxy fights are expensive and can run into the tens of millions of dollars, but with Disney’s shares climbing 32% this year, Peltz likely already saw a sizable gain on his $1 billion stake. Activist investing is on the rise this year, so investors will now be watching to see what happens with Salesforce Inc., which is being targeted by Elliott Investment Management and several other activists.
- Activist investor Nelson Peltz has decided to drop his proxy battle with Disney after CEO Bob Iger announced plans for a dramatic restructuring.
- Trian confirmed the decision, calling it a “win for all shareholders”.
- Iger’s plans included 7,000 job cuts and $5.5 billion in cost savings, addressing two of Peltz's biggest complaints.
- Activist investing is on the rise this year as Salesforce Inc. is now being targeted by Elliott Investment Management and several other activist investors.

## Content

The activist investor had announced in January that he would [seek a board seat](https://www.bloomberg.com/news/articles/2023-01-11/disney-names-mark-parker-chairman-rejects-trian-proposals) at the company to try to initiate change after earlier being rebuffed in his outreach. Peltz changed his mind after Disney Chief Executive Officer Bob Iger announced [plans](https://www.bloomberg.com/news/articles/2023-02-08/disney-earnings-beat-in-first-results-since-iger-returned-as-ceo) for a dramatic restructuring on Wednesday’s earnings call.

Peltz announced the news in an interview with CNBC. Trian confirmed the decision to drop the proxy battle, calling it a “win for all shareholders.”

Iger’s plans for the world’s largest entertainment company include 7,000 job cuts and $5.5 billion in cost savings. He also said Disney’s board would consider reinstating the company’s dividend, which was suspended at the start of the pandemic.

The moves addressed two of Peltz’s biggest complaints. “We are pleased that Disney is listening,” Trian said in a statement after Iger’s announcement.

Proxy fights are expensive and can run into the tens of millions of dollars. Trian also likely already saw a sizable gain on its $1 billion stake in Disney, with the shares climbing 32% so far this year.

[Read more: Disney-Peltz Showdown Was a Throwback to Corporate Raider Era](https://www.bloomberg.com/news/articles/2023-01-13/disney-peltz-showdown-is-a-throwback-to-the-corporate-raider-era)

The proxy fight had been shaping up to be one of the biggest board showdowns of 2023. [Activist investing](https://www.bloomberg.com/news/articles/2023-02-07/nelson-peltz-elliott-management-lead-activist-investor-revival) has been on the rise this year as large tech and health stocks have lagged and it’s become easier for investors to nominate their own directors under new regulatory rules. With Peltz out of the way at Disney, the big corporate drama to watch now will be what happens with Salesforce Inc., which is being [targeted](https://www.bloomberg.com/news/articles/2023-01-23/activist-elliott-management-takes-stake-in-salesforce) by Elliott Investment Management and several other activist investors.