Activist investor Nelson Peltz said this morning that he’s ending his proxy fight againt Disney after CEO Bob Iger announced sweeping restructuring and cost cutting plans yesterday alongside …
after CEO Bob Iger announced sweeping restructuring and cost cutting plans yesterday alongside the company’s latest quarterly earnings.
Peltz had amassed a stake of about $1 billion worth of stock and was seeking a seat on Disney’s board at the annual meeting in early April, lobbying heavily in recent weeks to get shareholders’ vote in opposition to the company, which was already running a full slate of directors. He set up a dedicate website, Restore The Magic, that detailed what he saw as the company’s failings.
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