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Hours after shareholders voted to keep the octogenarian hedge fund manager off the board at Walt Disney, ending the year's most expensive and closely watched board room fight, there are few signs the defeat will hurt him or his business."I don't think this means anything for Nelson Peltz," said Ken Squire, the founder of research firm 13D Monitor which tracks activists."He was never the favorite to win a proxy fight at Disney going up against Bob Iger.
The outcome has been positive, he added, noting that Disney's stock is up roughly 50% since October, when his firm began to re-engage with Disney, and is the best performer on the Dow Jones Industrial Average this year.DISNEY GAINS FUEL TRIAN RETURNS While Disney's stock price is still far below its March 2021 peak, it has climbed 32% since January as Disney reinvigorates its film and television franchises and works to make its streaming business profitable.
At Procter & Gamble in 2017, Peltz eventually joined the board and buried the hatchet with the chief executive, showing how activists and management can work collaboratively. The cult of personality is fading and lawyers and investors warn that the once popular practice of putting a hedge fund's well known principal on a slate to win board seats is no longer a surefire path to victory.
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