Investor Nelson Peltz blasts CEO Bob Iger in 133-page activist memo—To ‘restore the magic,’ Disney needs to scrap sequels and reclaim the lead on animated films

Peltz’s Trian Fund Management LP is one of two activist investors seeking seats on Disney’s board, but with a $3 billion stake under Trian’s control and a louder voice, Peltz has been a thorn in Disney’s side for months as he wages his latest proxy battle against the company. The other activist hedge fund vying for board representation at Disney is Blackwells Capital, which owns about $15 million in stock. 

In an extensive memo published Monday, Peltz’s hedge fund took a shot at CEO Bob Iger and his board appointees and laid out a plan Trian has been calling  “Restore The Magic,” which included cutting down on sequels and reclaiming the lead on animated films. 

Disney did not immediately respond to Fortune’s request for comment.

Peltz accused Iger, who was feted by shareholders when he returned to the top job in November 2022, of not being motivated to improve the company’s share performance because he owned only about $20 million worth of Disney shares, compared to the billions in Disney stock Trian controls. Disney pointed out in a rebuttal to Peltz’s previous attacks that he made $150 million selling about one-third of his Disney shares in early 2023.

Disney, for its part, has said Peltz does not have the proper experience to serve on Disney’s board because he has not worked in the media or technology industries. The company has recommended that investors reelect Disney’s board nominees, which include new directors James Gorman, executive chairman of Morgan Stanely, and Jeremy Darroch, former CEO of UK media company Sky. 

The activist investor also accused Iger of appointing many of his friends and close contacts to the board. The board isn’t fully focused on the company,…