Disney (NYSE:DIS) stock is a hot topic among traders as the company prepares for a battle with an activist investor.
Trian Partners is behind this news with its nomination of Nelson Peltz to the company’s Board of Directors. Disney is advising shareholders to vote against adding Peltz to the board and instead vote in favor of the directors it has chosen for nomination.
Peltz’s Trian Partners has been pushing for changes at Disney recently and been in talks with the company. Trian made an $800 million investment in DIS stock in November. The firm also isn’t happy with the return of Bob Iger, which Disney doesn’t expect to be permanent.
Changes to Disney’s Board
Disney has nominated Mark Parker as its next Chairman. Parker would replace Susan Arnold in this position, who is no longer eligible to serve in the role due to a 15-year limit.
After the new board is elected, Disney intends to create a committee to handle CEO succession. Disney has only signed on Iger for another two years with the intent that he will spend that time training a replacement CEO.
It’s worth noting that Iger already trained a replacement once with Bob Chapek. The former CEO took over the company in 2020, but economic strain left investors unhappy with Chapek’s leadership as DIS stock dropped in price throughout 2021 and 2022.
DIS stock is up 2.8% as of Thursday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.