Trian concludes proxy campaign with Disney, withdraws Peltz nomination

Trian Fund Management, whose investment funds collectively own approximately 9.4M common shares of The Walt Disney Company (DIS), valued at approximately $1B, issued the following statement: "We congratulate Disney and Bob Iger on their recently announced operating initiatives, which are a win for all shareholders and broadly align with our thinking. We are pleased with the role that Trian was able to play in helping to focus the Board to take decisive actions which we believe will lead to better financial results. We were also pleased to see the Company’s pledge to restore the dividend. Accordingly, we are withdrawing our nomination of Nelson Peltz as a director to allow the Board and Disney’s leadership team to focus on creating long-term shareholder value without the distraction of a proxy contest. Now it’s about execution and ensuring best in class corporate governance going forward. We will be watching and rooting for the Company’s success."