Disneys said its board has elected Mark Parker chairman, effective following the annual meeting of shareholders.
As a result, the board will be reduced to 11 members.
Investors are allowed delcare opposition board candidates to push change, leading to a whats called a proxy fight.
Mark G. ParkerDISNEY/ABC/ Heidi Gutman
They are also able to put foward shareholder proposals.
Among measures to be voted on, Trianon also wants Disney to amend its bylayws.
Disney said it remains open to constructive engagement and ideas that help drive shareholder value, including with Trian.
Iger has a two year contract.
Disney noted that Parker will chair a newly created succession planning committee, look at internal and external candidates.
In a note published today, called Restore The Magic, Trian said Disney is at a crossroads.
Mr. Parker served as NIKEs Chairman and CEO until 2020, when he became Executive Chairman.
The Walt Disney Company remains open to constructive engagement and ideas that help drive shareholder value.
The companys market capitalization grew nearly fivefold during his tenure from $48 billion to over $230 billion.
The date of the Annual Meeting has not yet been announced.
