Nelson Peltz, the head of Trian Fund Management, announced the end of his proxy fight with The Walt Disney Company (NYSE:DIS) on Thursday after the entertainment giant unveiled a major restructuring plan, according to CNBC.
Peltz declared the battle over during an appearance on Jim Cramer's Squawk on the Street.
The announcement followed Trian's January launch of a proxy fight, pushing for Peltz to gain a seat on Disney's board. At the time, Trian claimed to own 9.4 million shares valued at approximately $900 million.
Peltz had previously expressed criticism over Disney's $71 billion acquisition of Fox in 2019 and its lack of succession planning.
He also pointed out the "weak corporate governance" that had been eroding shareholder value.
However, Disney's recent announcement to restructure its business into three divisions, cut $5.5 billion in costs, and lay off 7,000 employees has apparently satisfied Peltz's concerns.
The company also plans to bring its streaming business to profitability by 2024 and hopes to reinstate its dividend by the end of the year. These changes are part of Bob Iger's first major actions since returning to Disney's helm in November.