Nelson Peltz Targets Bob Iger Again Over Disney’s Leadership

Nelson Peltz has once more set his sights on Bob Iger, accusing the outgoing Disney CEO of attempting to manipulate his successor and retain influence by positioning him to fail.

Peltz, the billionaire founder and CEO of activist hedge fund Trian Fund Management, mentioned to the Wall Street Journal that Disney apparently favored theme park chief Josh D’Amaro for the CEO role over entertainment executive Dana Walden to justify Iger’s sustained involvement after his official resignation.

“Iger needs a reason to stay,” Peltz speculated, adding that if he brought on an entertainment executive as CEO, he’d lose the justification to remain.

D’Amaro, age 54, is set to officially become CEO next month, while Iger will continue as a director and senior advisor until the year concludes.

Walden was thought to be a strong candidate for the top position but ended up being promoted to a newly created role as President and Chief Creative Officer.

Peltz expressed concern that Iger would eventually push D’Amaro to the sidelines, similar to what he did with his previous choice for the role, Bob Chapek. Chapek, who was a former park manager, led Disney for two years before being ousted in 2022 and replaced by Iger.

Peltz predicted Iger might say, “Josh doesn’t know anything about the film industry… so I’m going to stay on set and mentor him.”

Disney has been approached for a comment on the matter.

Bob Chapek was initially chosen to succeed Iger just weeks before the COVID-19 pandemic hit, putting the company in turmoil.

Instead of stepping back entirely, Iger remained as executive chairman, maintaining broad oversight, which led to confusion and added tension within Disney.

The collaboration quickly deteriorated, with Chapek perceived as being more focused on numbers, not aligning with Disney’s creative spirit, while Iger still held significant sway behind the scenes.

Chapek’s brief time was riddled with controversies, including disputes with Hollywood talent and political challenges, compounded by losses in Disney’s streaming sector.

After a troubling financial report and falling stock prices, Disney’s board abruptly terminated Chapek’s contract in November 2022 and reinstated Iger as CEO.

Peltz has long challenged Disney, engaging in two high-profile proxy battles and consistently clashing with Iger about strategic direction, governance, and succession plans.

He first targeted Disney in late 2022, amassing roughly $500 million in stakes due to disappointing earnings and streaming losses.

Peltz argued that the company had lost focus, mismanaged capital, and failed to develop a solid leadership pipeline, pushing for a board seat.

When Iger returned as CEO in November 2022 after Chapek’s exit, Peltz praised his plans for restructuring and cutting costs, briefly calling for a truce.

However, that peace did not last long. By late 2023, Peltz reignited his efforts, supported by former Disney heavyweight Ike Perlmutter, and nominated himself and ex-CFO Jay Laslo for board positions.

This escalation resulted in a contentious proxy fight, leading to a shareholder vote scheduled for April 2024. Ultimately, Disney investors largely backed Iger and the board, rejecting Peltz’s candidacy decisively, thus curtailing his attempt to exert influence.

Right after his loss, Peltz sold all his Disney shares, walking away with sizable profits.