As a long-time fan of Disney and Marvel, I was disappointed to learn that Ike Perlmutter, a legendary figure in the comic book industry who once held the prestigious position of Marvel Studios Chairman, has sold his entire stake in Disney after losing the recent proxy fight alongside activist investor Nelson Peltz.
After losing the proxy battle with Ike Perlmutter and activist Nelson Peltz, Perlmutter chose to sell all of his Disney shares.
Perlmutter, a previous chairman at Marvel, allied with Peltz in an attempt to secure two spots on Disney’s board of directors. Peltz initiated his activist efforts in January and put forth himself and Rasulo as potential board members for Disney. Perlmutter committed his shares to Peltz during the proxy fight.
Following advocacy from different factions, Disney emerged victorious in the shareholders’ meeting held in April. However, Nelson Peltz managed to obtain merely around 30% of the votes required for his board position, while Rasulo suffered a significant defeat with a five-to-one vote difference.
After that, I learned from a Wall Street Journal article that Perlmutter had offloaded all his 25.6 million Disney shares he once owned. Unfortunately, I couldn’t get a comment from Perlmutter’s representative.
Towards the end of May, it’s said that Peltz sold all of his Disney shares, valued at around a billion dollars.
I was an ardent supporter of Peltz during his proxy battle against Disney. With Disney’s stock price underperforming, he took aim and presented a well-thought-out plan to revitalize the company. In a comprehensive 130-page whitepaper, he proposed transforming Disney into a streaming powerhouse akin to Netflix, aiming for similar profit margins in this sector.
In March 2023, Perlmutter, a long-time friend and neighbor of Peltz in Palm Beach, was dismissed from Disney after clashing with Iger. Tensions between the two went back to at least 2015, when Iger announced Rasulo, whom Perlmutter supported, would not become Disney’s CEO. Reports suggest they also disagreed on film productions like “Black Panther,” according to Iger’s biography.
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2024-07-23 23:54