In Wednesday's after-hours session, Walt Disney Co DIS shares were trading higher, after the company named a new independent chairman and announced opposition to activist investor Nelson Peltz's attempt to join the board.
What happened to the Nike Inc. NKE executive chair Mark Parker, who was appointed chairman of the board after the company's annual meeting of shareholders. Parker has been a member of Disney's board since 2016.
Mark Parker's vision, incredible depth of experience, and wise counsel have been invaluable to Disney, and I look forward to continuing working with him in his new role, along with our other directors, as we chart the future course for this amazing company, said Bob Iger, CEO of Disney.
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Peltz was nominated by Trian Partners for the position of director at Disney's annual meeting in opposition to the nominees recommended by the board. Disney said that Peltz brought a proposal to amend the company's Bylaws.
The Board does not endorse the nominee of the Trian Group, and it recommends that shareholders do not support the nominee of The Walt Disney Company, as senior leadership of the Board of Directors have engaged with Mr. Peltz numerous times over the last few months.
The date of Disney's annual meeting of shareholders has not been announced yet.
DIS Price Action: Disney has a 52 week high of $158.99 and a 52 week low of $84.07.
According to Benzinga Pro, the stock was up 1.43% after hours at $97.70 at the time of publication.