STORY: Disney on Tuesday (Jan. 17) defended its decision to deny Nelson Peltz a board seat, saying the activist investor "lacked the skills and experience" to help the media and entertainment giant.
The house of Mickey Mouse in a letter to shareholders also underlined the company's successes under Chief Executive Bob Iger, who recently returned from retirement to lead the company for a second time.
"Peltz does not understand Disney's businesses and lacks the skills and experience to assist the board in delivering shareholder value in a rapidly shifting media ecosystem," Disney said.
The billionaire last week formally launched his bid for a board seat to rescue the company from what he called a "crisis" of overspending on the streaming business, the purchase of 21st Century Fox and failed succession planning.
Peltz's move is seen as a serious challenge to Iger and pits one of the most popular executives in Hollywood against the activist investor known for his work at consumer firms.