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© Reuters. Nelson Peltz founding partner of Trian Fund Management LP. speak at the WSJD Live conference in Laguna Beach, California October 25, 2016. REUTERS/Mike Blake
(Reuters) -Walt Disney Co defended its decision on Tuesday to deny a board seat to Nelson Peltz, saying the activist investor “lacked the skills and experience” to help the entertainment giant in its business.
Last week, Peltz formally launched a battle for a board seat at Disney to rescue the company from what he called a “crisis” of overspending on the streaming business, the purchase of 21st Century Fox and failed succession planning.
“Nelson Peltz does not understand Disney’s businesses and lacks the skills and experience to assist the board in delivering shareholder value in a rapidly shifting media ecosystem,” the media company said.
The billionaire’s move came as a serious challenge to Disney Chief Executive Bob Iger, who recently returned from retirement to lead the company for a second time.
Iger, one of the most popular executives in Hollywood, is expected to focus on performance of the money-losing Disney+ streaming business he helped launch in 2019.
Peltz’s Trian Fund Management did not immediately respond to a Reuters request for comment.
Disney’s shares were up 1%.
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