Disney snubs Peltz’s board bid, taps Nike’s Parker as new chair

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The company on Wednesday also named independent director and Nike Inc (NYSE:NKE) Executive Chairman Mark Parker as its next chairman, replacing Susan Arnold, who will not stand for re-election.

Peltz’s Trian Fund Management LP, which owns a less than 5% stake in Disney, believes Iger should not be back in control of the company, a source familiar with the matter told Reuters in November.

Disney said Trian had nominated Peltz for a board seat in opposition to the company’s nominees.

“While senior leadership of The Walt Disney Company (NYSE:DIS) and its board of directors have engaged with Mr. Peltz numerous times over the last few months, the board does not endorse the Trian Group nominee,” Disney said.

Trian did not respond to a request for comment.

Disney’s shares rose 1.4% in extended trading.