Disney stock rose Thursday after Walt Disney Co. appointed Nike executive chairman Mark Parker to serve as the new board chair late Wednesday. Meanwhile, activist investor Nelson Peltz was plotting a massive proxy battle to win a boardroom seat at the House of Mouse.
Parker, who served as the CEO of Nike for 13 years, replaces Susan Arnold, whose 15-year term will end after the company's next annual shareholder meeting. The date for the meeting has yet to be set, and Parker will continue his role as Nike's executive chairman.
Disney Proxy Battle Looms
But not everyone is happy with the decision. Nelson Parker, activist investor and founder of Trian Fund Management, wants a director's seat. Peltz's New York-based management firm, which has a $900 million stake in Disney, nominated him for a board position. Trian plans to file a proxy statement with regulators on Thursday for a vote during the 2023 annual shareholders meeting.
"Trian believes that Disney's recent performance reflects the hard truth that it is a company in crisis with many challenges weighing on investment sentiment. .. We believe that the company's current problems are primarily self-inflicted and need to be addressed immediately," Trian wrote in Peltz's nomination.
In the chairman announcement, Disney encouraged shareholders to oppose Peltz's nomination and instead vote for all of its board nominees.
Disney stock rose more than 3.5% Thursday following Wednesday's board appointment. DIS stock is up 10% over the last month but down nearly 36% over the past year.
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