Peltz Waves the White Flag at Disney

The exit comes weeks after Peltz’s Trian Partners lost a proxy battle at Disney in early April as shareholders reelected the company’s full slate of board nominees. Peltz had been seeking to elect himself and former Disney finance chief Jay Rasulo to the company’s board.

Peltz had long taken issue with Disney governance. In October, CNBC reported he upped his stake in the company to about 30 million shares and had reignited his proxy campaign, taking particular aim at Disney’s streaming strategy and a failed succession plan for CEO Bob Iger.