In a new report from Deadline, Trian Management’s Nelson Peltz has named two Disney Board members he wants to replace with himself and former Disney executive Jay Rasulo in his ongoing proxy fight for seats.
Nelson Peltz Names Two Disney Board Directors He Wants Out
In a new SEC filing today, Trian management is asking shareholders to withhold their votes for Maria Elena Lagomasino and Michael Froman, and instead vote for Peltz and Rasulo. The board is set to meet at Disney’s annual meeting of shareholders this spring, though the date hasn’t been announced.
In the filing, Trian said that Froman “has no experience as a public company director outside of Disney and has spent most of the past 25 years of his career in fields with appear largely unrelated to Disney’s businesses: working as a federal trade representative, a national security advisor, and a financial executive.”
Of Lagomasino, Trian said that her “background in wealth management also appears largely unrelated to Disney’s businesses,” continuing:
Furthermore, as a member of Disney’s Compensation Committee since 2015 and its Chair since 2019, Ms. Lagomasino has overseen a number of misaligned compensation practices, including the award of a massive compensation package to Mr. Iger in connection with the acquisition of Twenty-First Century Fox, and more recently, the approval of a fiscal year 2023 compensation program that we believe fails to align the compensation of Disney executives with the Company’s financial and operational performance.”
The filing also said that Lagomasino “has a track record of overseeing problematic compensation practices at other companies where she has served on the compensation committee, including as chair.”
Froman initially joined the Disney Board in 2018, with Lagomasino preceding him in joining in 2015.
Nelson Peltz launched his proxy fight for seats on the Disney Board earlier this month, calling himself and Rasulo “Batman and Robin.” Most recently, Peltz suggested that Disney’s streaming business could achieve profitability by bundling ESPN+ with Netflix.