Activist investor Nelson Peltz and his firm, Trian Partners, are seeking two seats on Disney’s board, CNBC reported Thursday, setting the stage for a proxy fight.
The news came the morning after Disney added Morgan Stanley CEO James Gorman and former Sky TV boss Jeremy Darroch to its board, a move widely seen as a bid to fend off a potential challenge from Peltz.
The activist investor had been waiting to see what happened with Disney’s earnings report earlier this month to decide whether to make a move, CNBC previously reported. Trian oversees more than $2 billion in Disney shares that belong to former Disney executive Ike Perlmutter, a critic of Disney chief Bob Iger.
Disney shares are up about 6% this year, far underperforming the S&P 500.
This is a developing story. Check back for updates.