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Daily Record
Daily Record
Siobhan Macdonald

Brooklyn Beckham's billionaire father-in-law Nelson Peltz makes bid to 'restore Disney's lost magic'

Brooklyn Beckham's father-in-law Nelson Peltz has made a bid for a seat on the board of Disney after accusing the company of wasting money.

Nelson, 80, a billionaire investor who is vying to overhaul Disney after accusing it of wasting money over the last few years. The father-of-three, who is worth $1.4billion (£1.1billion), accused the company of "poor governance".

The businessman owns 9.4 million Disney shares via his company Trian. They are valued at $900 million - which is roughly a 0.5% stake.

His firm filed documents with the Securities and Exchange Commission on Thursday, publicly nominating Peltz as a director candidate. Taking to social media, Peltz promised to bring "leadership mentality" to the Disney boardroom, which is currently ruled over by Bob Iger.

In an interview on CNBC's Squawk Street, the businessman acted casually when asked about his intentions for Disney.

Brooklyn enjoying a cigar with his father in law Nelson (Instagram)

"I just need to speak reasonably to these people and explain to them where they went wrong or what opportunities they’re missing," he said.

Disney is yet to respond publicly to his request, but Peltz claims they offered him a "watching" board seat but he turned down their offer. He added: "They said, 'You can be in the meetings.' So they want my input on operations but they don't want my input on corporate governance.

"That's why they don't want me to have a vote that says that they believe even that I have something to add."

On Wednesday, Peltz's firm delivered a presentation saying Disney is 'a company in crisis' whose shares have tumbled 39 percent in the past 52 weeks and are trading at an eight-year low.

They are calling on the company to cut costs and turn a profit at its Disney+ streaming business, which has been losing money even as it expands. Disney urged its shareholders to vote against Peltz.

"The Walt Disney Company remains open to constructive engagement and ideas that help drive shareholder value," they said in a statement.

"While senior leadership of The Walt Disney Company 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, and recommends that shareholders not support its nominee, and instead vote FOR all the Company's nominees."

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