Nelson Peltz, founder and chief executive officer of Trian Fund Management, during the Future Investment Initiative (FII) Institute Priority Summit in Miami, Florida, US, on Thursday, March 30, 2023.

Marco Bello | Bloomberg | Getty Images

Activist investor Nelson Peltz and his firm, Trian Partners, are seeking two seats on Disney’s board, CNBC reported Thursday, setting the stage for a proxy fight.

The news came the morning after Disney added Morgan Stanley CEO James Gorman and former Sky TV boss Jeremy Darroch to its board, a move widely seen as a bid to fend off a potential challenge from Peltz.

The activist investor had been waiting to see what happened with Disney’s earnings report earlier this month to decide whether to make a move, CNBC previously reported. Trian oversees more than $2 billion in Disney shares that belong to former Disney executive Ike Perlmutter, a critic of Disney chief Bob Iger.

Disney shares are up about 6% this year, far underperforming the S&P 500.

This is a developing story. Check back for updates.

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