The boardroom battle between Disney CEO Bob Iger and activist investor Nelson Peltz has ratcheted up.
The entertainment giant slammed Peltz in a letter to shareholders, defending its decision to deny him a board seat.
The letter implied he “lacked the skills and experience” to help the media and entertainment giant.
The searing comments came after Peltz formally launched a fight for a board seat to rescue Disney from what he called a “crisis” of overspending on its Disney+ streaming business, its purchase of 21st Century Fox and failed succession planning.
The billionaire’s move pits Peltz against Iger, who recently returned from retirement to lead Disney for a second time.
Disney said it was already working to improve profitability at Disney+ and that it was rolling out broader cost-cutting measures.
Peltz’s Trian Fund Management owns a .5% stake, or roughly $900 million in Disney,
Investors may vote this year on whether he should sit on the company’s board.
