Activist investment firm Trian Fund Management has expressed its disappointment with Disney's recent actions in their ongoing proxy battle. In a statement, Trian stated that Disney's efforts seem to be focused on diverting attention from the board's failures rather than addressing the core issues at hand.

Trian has been advocating for its co-founder, Nelson Peltz, and former Disney CFO Jay Rasulo to be elected to the board of directors. However, Trian clarified that the dispute is not centered around the clash between Disney CEO Bob Iger and former Marvel Chairman Ike Perlmutter, deeming it irrelevant to the proxy fight. Trian emphasized that it does not oppose Iger's reelection or his continuation as CEO.

The clash between Trian and Disney has escalated in the lead-up to Disney's annual shareholder meeting on April 3. Disney recently released a 20-page slide deck titled "Correcting Trian's Fiction With Facts" to counter Trian's arguments. The slide deck revisited previous arguments made by both parties.

Of particular interest in Disney's response is their portrayal of former Marvel boss Ike Perlmutter, whom they describe as Trian's "silent partner" with a difficult history with Bob Iger. Disney points out that Perlmutter has long been close to Trian's co-founder Nelson Peltz and has played a significant role in Trian's efforts to secure board seats. Disney also asserts that Perlmutter's history with Iger and Disney employees is a relevant consideration for shareholders.

Disney further highlights that Perlmutter's oversight of Marvel's studio was severed in 2015 due to conflicts with the creative team and his resistance to expanding the group's output. Notably, the films released under the expanded output, such as Black Panther and Captain Marvel, went on to achieve significant success at the box office.

The slide deck also scrutinizes former Disney CFO Jay Rasulo, emphasizing that he does not bring incremental skills to Disney's board and lacks credible succession planning experience. Disney points out that since Rasulo joined the board of iHeartMedia, the company's performance metrics have worsened, and he failed to address the challenge of streaming's impact on legacy radio.

Trian has made succession planning a major point of criticism against Disney. Despite Disney CEO Bob Iger's reassurances of a formal succession process, Trian has highlighted Iger's previous reversals on retirement plans during his initial 14-year tenure and the subsequent decision to appoint Bob Chapek as CEO, only to remove him later due to concerns about the company's direction.

Meanwhile, JPMorgan Chase CEO Jamie Dimon has publicly voiced his support for Iger, describing him as a first-class executive and outstanding leader with extensive experience in the media and entertainment industry. Dimon believes that adding unnecessary board members could harm the company and questions why shareholders would take such a risk, given the significant progress Disney has made under Iger's leadership.

As the proxy battle between Trian and Disney continues, both sides are intensifying their efforts to garner shareholder support ahead of the upcoming annual shareholder meeting. Shareholders will ultimately decide the outcome of the election contest and the future direction of Disney's board of directors.