Disney Denies Board Seat To Nelson Peltz Says He Lacks Skills, Experience To Help

After activist investor Nelson Peltz launched a battle for a board seat at Walt Disney Co DIS, the company defended its decision to deny him a seat.
Walt Disney said Peltz lacked the skills and experience to help the company in its business in an investor presentation filed with the Securities and Exchanges Commission.
Most of all, it said Mr. Peltz doesn't have what it takes to get the board seat he has wanted for months. Mr. Peltz "lacks the skills and experience to assist the board in delivering shareholder value in a rapidly shifting media ecosystem," Disney said.
Peltz wanted to rescue Disney from what he called a "crisis" of the streaming business. He argued on the purchase of 21st Century Fox and failed succession planning.
Peltz's aggressive position is born out of Trian Fund Management opposing the re-hiring of Bob Iger.
Related: Newly Appointed Disney Chairman Is Little More Than A Rubber Stamp, Says Activist Investor Nelson Peltz.
Disney is pushing back against Nelson Peltz, vying for a spot at its directors' table.
Nelson Peltz, the 80-year-old co-founder of New York-based alternative investment management fund Trian Partners, began mounting a proxy fight to join the entertainment giant's board.
Price Action: DIS shares are up 0.59% at $100.50 during the premarket session on the last check Wednesday.
Photo Via Company