Activist investor Nelson Peltz’s Trian Fund Management has sold its entire stake in Walt Disney Co (NYSE:DIS, ETR:WDP), bringing a long-running proxy battle for board-level influence at the entertainment giant to an end.
The news was first reported by CNBC, which noted that Peltz failed to rouse shareholder support for his campaign to get a seat on the board for himself and former Disney finance chief Jay Rasulo.
In the April stockholder vote, Disney's nominees were backed by a "substantial margin", with large investors such as Vanguard and BlackRock supporting the Mouse House’s picks.
Only 31% of all shareholders supported Peltz's addition to the board.
Peltz, father-in-law to Brooklyn Beckham, was calling for the ousting of board members Michael Froman and Maria Elena Lagomasino, tighter performance-linked executive pay, and for Disney to pursue ‘Netflix-like’ margins to restore its share price.
He was also calling for clarity over a succession plan for Disney’s chief executive Bob Iger.
Despite the failed activist campaign, CNBC reported that Peltz booked a $1 billion profit from selling his shares.
Currently trading at $100.88, Disney stock is 11.2% higher year to date and 15% higher year on year.