Disney Stock Is Rising After Company Taps Nike Exec, Opposes Nelson Peltz: What's Going On?

Walt Disney Co DIS shares are trading higher in Wednesday's after-hours session after the company named a new independent chairman and announced opposition to activist investor Nelson Peltz's attempt to join the board.

What Happened: Nike Inc NKE executive chair Mark Parker has been named chairman of the board, effective following the company's annual meeting of shareholders. Parker has been a member of Disney's board since 2016. 

"Mark Parker's vision, incredible depth of experience and wise counsel have been invaluable to Disney, and I look forward to continuing working with him in his new role, along with our other directors, as we chart the future course for this amazing company," said Bob Iger, CEO of Disney.

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Trian Partners nominated Peltz for election as director at Disney's annual meeting in opposition to the nominees recommended by the board. Disney said Peltz brought a proposal to amend the company's Bylaws.

"While senior leadership of The Walt Disney Company and its Board of Directors have engaged with Mr. Peltz numerous times over the last few months, the Board does not endorse the Trian Group nominee, and recommends that shareholders not support its nominee," Disney said. 

The date of Disney's annual meeting of shareholders has not yet been announced.

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DIS Price Action: Disney has a 52-week high of $158.99 and a 52-week low of $84.07.

The stock was up 1.43% after hours at $97.70 at time of publication, according to Benzinga Pro.

Photo: StockSnap from Pixabay.