Activist investor Nelson Peltz said: DisneyA person familiar with the matter told CNBC.
Peltz sold his entire stake in Disney at about $120 a share, making a profit of about $1 billion, according to people familiar with the matter. Disney shares currently trade at about $100 a share.
The departure came just weeks after Peltz’s Trian Partners lost a proxy fight at Disney in early April, when Disney shareholders re-elected all of the company’s director nominees. Peltz had sought to have himself and former Disney financial chief Jay Rasulo elected to the company’s board.
Peltz has had prior issues with Disney’s governance, and CNBC reported in October that he had increased his stake in the company to about 30 million shares and renewed his proxy campaign, specifically targeting Disney’s streaming strategy and failed succession plans for CEO Bob Iger.
“I am proud of the influence I have played in refocusing our company on value creation and sound governance,” Trian said in a statement after the April shareholder vote.
Disney shares have risen about 11% so far this year, slightly outperforming the S&P 500.
Disney did not immediately respond to a request for comment.
