Activist investor Nelson Peltz's hedge fund Trian Fund Management wrote to Walt Disney Co shareholders on Thursday on replacing the company's board director Michael Froman.
Michael Froman, stating the media and entertainment company’s current leadership has failed to instill a culture of accountability and is responsible for the 44% drop in its stock price last year.
Disney said it believes the election of either Peltz or his son would threaten the company's strategic management during a period of important change in the media landscape. The board believes Froman is far better qualified than either Peltz or his son to help drive value for shareholders.
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