Nelson Peltz’s Other C.E.O. Gambit

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Welcome back to Dry Powder. I’m Bill Cohan.

It’s no secret that Bob Iger, now on his second tour running the show at Disney, is facing a new set of challenges with Nelson Peltz rattling the cage. In today’s Dry Powder, a close look at Peltz’s storied activist history, and some unsolicited advice for Iger.

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Nelson Peltz’s Other C.E.O. Gambit

The activist circling Disney just helped orchestrate another C.E.O. succession. Should Bob Iger recalculate whether he wants Peltz outside the tent?

WILLIAM D. COHAN

Nelson Peltz has had a busy few months. The activist investor, who over the years has successfully agitated for C.E.O. changes at Heinz and DuPont and Procter & Gamble and GE, began last summer by snake charming Bob Chapek, then the C.E.O. of Disney, suggesting various ideas about the future of ESPN and Hulu, among other things, at a tête-à-tête at EuroDisney. By November, his firm Trian Partners began amassing a nearly $1 billion position in the company..

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FOUR STORIES WE’RE TALKING ABOUT