(Reuters) – Activist investor Nelson Peltz called off his bid for a seat on the board of Walt Disney Co on Thursday after Chief Executive Bob Iger revealed a plan to restructure and cut costs.
Peltz stirred the pot for what appeared to be a boardroom battle brewing at the Magic Kingdom, after he demanded the company reorganize and focus on creativity while criticizing its bungled succession planning.
Peltz’s Trian Fund, after Third Point’s Daniel Loeb, pushed the company to make changes after the pandemic crushed its parks business and forced it to increase expenditure to weed out competition in the streaming industry.
Here is what happened since Iger retired in 2020:
Date Event
Feb. 25, Iger retires after 15 years as CEO, handing the
2020 reins to Disney Parks head Bob Chapek; Iger
assumes post of executive chairman
Sept. 29, Disney says it will lay off about 28,000 parks
2020 unit employees due to coronavirus hit
Oct. 7, Activist investor Daniel Loeb urges Disney to
2020 forgo paying a dividend and use the cash to
make and buy more programming for Disney+
Oct. 12, Disney restructures its media and entertainment
2020 businesses to accelerate growth of Disney+
Feb. 28, Disney pauses film releases in Russia over
2022 Ukraine invasion
March 4, Disney says it will offer a cheaper,
2022 ad-supported version of Disney+
March 10, Disney pauses all business in Russia
2022
May 16, Third Point liquidates its position in Disney
2022 during the first quarter, two years after the
hedge fund first invested and began urging the
media company to spend more aggressively on its
streaming platform
May 16, Florida Governor Ron DeSantis says he wants the
2022 state to take control of Disney’s special
district when it is scheduled to be dissolved
in June 2023
June 9, Chief Executive Bob Chapek announces a major
2022 leadership shift, promoting Dana Walden to
chairman of general entertainment content
June 28, Disney board unanimously votes to extend Chief
2022 Executive Officer Bob Chapek’s contract for
three years
Aug. 15, Third Point discloses a stake of roughly $1
2022 billion and said it plans to push the media
company to make a string of changes
Sept. 11, Third Point’s Daniel Loeb backs off from
2022 pushing Walt Disney Co to spin off ESPN
Sept. 14, Comcast Corp Chief Executive Brian Roberts
2022 signals to Disney the company will seek market
value for its minority stake in Hulu
Sept. 30, Disney announces a truce with activist investor
2022 Third Point, saying it would appoint tech and
media veteran Carolyn Everson to the board
Nov. 8, Disney reports higher streaming customers, but
2022 high costs disappoint investors
Nov. 11, The company plans to freeze hiring and cut some
2022 jobs, according to a memo seen by Reuters
Nov. 21, Bob Iger returned to Disney as chief executive
2022 less than a year after he retired, in a
surprise comeback
Nov. 28, Iger says one of his top priorities was to make
2022 the company’s streaming business profitable
Dec. 8, The ad-supported version of the Disney+ service
2022 launches, attracting major advertisers from
different sectors
Jan. 12, Activist investor Nelson Peltz formally
2023 launches a battle for board seat at Disney
Jan. 17, Disney in a letter to shareholders defends its
2023 board for denying Peltz a seat, saying he
“lacks the skills and experience” to help the
company
Feb. 8, Announces a restructuring, 7,000
2023 job cuts as part of Disney’s efforts to save
$5.5 billion in costs and make its streaming
business profitable
Feb. 9, Peltz declares that his proxy fight is over
2023
(Reporting by Akash Sriram and Tiyashi Datta in Bengaluru; Editing by Sriraj Kalluvila)
