CalPERS votes for Nelson Peltz and Jay Rasulo in Disney Boardroom battle

Nelson Peltz

Axel / Power Griffin / Movie Magic

The California Public Employees Retirement System (CalPERS) said the U.S. Retirement Fund has voted to elect activist investor Nelson Peltz and Jay Rasulo to The Walt Disney Company's board of directors. Reuters reported Friday.

CalPERS, which owned 6.65 million shares in the media giant at the end of December, said: “CalPERS believes The Walt Disney Company will benefit from fresh eyes on its board and voted company stock in favor of nominees Nelson Peltz and Jay Rasulo.” port.

CalPERS joins consulting firm Egan-Jones, which has already indicated it supports Peltz and Rasulo, and Institutional Shareholder Services, which ultimately recommended a vote for Peltz.

The vote comes just days before Disney's annual shareholder meeting on April 3, where the final showdown is set to take place for two seats on the entertainment giant's board of directors. This is when investors cast their votes on the board of directors.

For months, Peltz, founder of investment firm Trian Partners, and Disney CEO Bob Iger, have been at the center of a tense proxy battle for control of the two sites after Disney announced its 12 board nominees at the start of the year — which included Iger.

But then Trian Partners — which controls a $3.5 billion stake in Disney — nominated Peltz and Rasulo, a former Disney chief financial officer, to board seats.

While this is Peltz's second attempt at a seat on Disney's board (he previously campaigned in 2023 but ultimately failed to get the position), he now argues that Disney's business is declining under Iger's leadership.

However, Iger and Disney are trying to persuade shareholders not to vote for the investment company's nominees. The Disney CEO has previously said that Peltz is a “distraction” that will ultimately hurt the company.