Nelson Peltz withholds vote from Disney CEO Bob Iger in proxy fight

Nelson Peltz’s Trian Fund Management held off on voting. Walt Disney CEO Bob Iger will vote on shares in a fierce proxy battle the asset management company is waging against the entertainment giant, according to people monitoring the situation. He said he went.

Given the acrimonious nature of the battle, this move isn’t all that shocking.

However, this contradicts Mr. Tryon’s proxy recommendation and does not mesh with Mr. Peltz’s public statements that he would like to work with management if elected to Disney’s board.

In recent weeks, Disney has stepped up its attacks on Tryon and Peltz. “Tryon Corrects Fact with Fiction,” the headline of Disney’s recent investor presentation was posted above a photo of Pinocchio with an elongated nose.

“Disney is stupid, because I’m not trying to fire Bob Iger, I’m trying to help him,” Peltz recently told the Financial Times. “We will not fire the CEO.”

Reached for comment, a Trian spokesperson referred CNBC to a press release that reiterated the proxy recommendation and said Trian supports Mr. Iger as a director candidate and CEO.

But withholding a vote for Mr. Iger is hardly a move in favor of his leadership, and raises the question of how toxic the board environment could become if Mr. Peltz is elected to Disney’s board next month. Questions arise.

Disney has named 12 directors, including Iger. Trian asked shareholders to vote for Mr. Peltz and former Disney chief financial officer Jay Laszlo, and withhold votes for Disney nominees and current board members Maria Elena Lagomasino and Michael Froman. Officially recommended.

Tryon’s position in Disney is relatively small, and when combined with the ownership of former Marvel Entertainment Chairman and CEO Ike Perlmutter, who sided with Peltz in the proxy fight, he owns approximately Equivalent to 1.5%.

Disney’s board of directors is scheduled to meet on April 3, and Tryon could change his vote at that time.