In the proxy filing, Peltz and Rasulo promised to “finally complete a successful CEO succession,” a reference to CEO Bob Iger's continued delays in his retirement and return dates following the firing of former CEO Bob Chapek.
Trian also said it would “align management pay with performance,” citing Iger $31.6 million salary package Last year, while Disney shares were little changed, they underperformed the S&P 500 for 2023.
Trian also aims to target and achieve “Netflix-like margins” of 15% to 20% by 2027, with Peltz adding that he believes Netflix is Disney's biggest competition.
The proxy fight comes as Iger tries to streamline the sprawling media company to rein in spending and make its Disney+ streaming platform profitable. Eger has instituted extensive restructuring, including laying off thousands of workers.
Peltz reiterated in an interview with CNBC's “Squawk Box” Thursday morning that he believes Disney's current board oversight is “terrible.”
“They said I don’t have any media experience — and I don’t claim to have any,” Peltz said Thursday. “But I'll tell you, I don't think they have much media experience.”
Disney has so far rejected Peltz's bid to join the board.
In the proxy filing, Peltz also touched on the future of ESPN, which he called the “crown jewel” of the company, with the goal of creating a robust and detailed recovery period and action plan to build the platform. Iger previously said Disney is prioritizing turning ESPN into a “preeminent” digital sports platform.
Peltz called for a board-led review of the studio's creativity to “restore leadership accountability” and restore the company's leadership position at the box office.
Peltz and Rasulo aim to implement a clear vision for the brand's theme parks, targeting “high-single-digit operating income growth,” according to the filing.
Peltz told CNBC on Thursday that he took a visit to Disney World last week.
“It was great because… we didn't have any special permits. We didn't have any tour guides… everyone was nice. I mean, the Magic Kingdom and Hollywood Studios – it was great,” he said. “The employees were all smiling, probably largely because they didn't own any Disney stock.”
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