Explore Business Standard
Don’t miss the latest developments in business and finance.
Activist investor Nelson Peltz has called off a proxy fight with Disney one day after newly returned CEO Bob Iger announced a major restructuring of the company that includes thousands of job cuts. Peltz phoned into CNBC on Thursday to say that his firm, Trian Fund Management, got everything it wanted with the changes imposed by Iger. We will be watching, we will be rooting, and the proxy fight is over," Peltz said. Peltz last month announced that he would seek a seat on the board of the entertainment company, citing a failed succession after Iger departed about two years ago and named Bob Chapek as his replacement. Peltz cited over-the-top compensation for executives and other issues. Disney on Wednesday said that it would cut about 7,000 jobs as part of an ambitious companywide cost-savings plan and strategic reorganization." The job cuts amount to about 3 per cent of the entertainment giant's global workforce and were unveiled after Disney reported quarterly results that toppe