Activist investor Ancora asks for Trian's Peltz to be put on Disney board - Axios

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Activist investor Ancora asks for Trian's Peltz to be put on Disney board - Axios

Investing.com -- Activist investor Ancora is calling on Walt Disney (NYSE: DIS ) to place Trian co-founder Nelson Peltz on the board of the entertainment giant, according to an Axios report citing a letter addressed to "fellow shareholders."

Axios reported that Cleveland-based Ancora argued that a "degree of shareholder-driven change is certainly warranted" at Disney's boardroom. Ancora, which said it had an unspecified stake in Disney, added that the group's leadership team had overseen a period of "absentminded governance, ineffective succession planning, polarizing actions and sustained value destruction."

Ancora, known for previous proxy fights against toymaker Hasbro (NASDAQ: HAS ) and retailer Kohl's (NYSE: KSS ), concluded by asking that Peltz or a "qualified designee" be brought on to the Disney board.

The move comes after Blackwells Capital hit out at Trian for its attempt to seek at least three Disney board seats -- a request that Trian said was later rejected. Blackwells, which also says it owns a small stake in Disney, called Trian's approach "misguided" and backed Disney Chief Executive Bob Iger.

In a sign of the sides forming in the proxy battle, Ancora used the letter cited by Axios to describe Blackwells' statement as a "self-serving publicity stunt."

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