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Walt Disney Co (DIS.N) on Tuesday defended its decision not to grant Nelson Peltz a board seat as an activist investor, saying that he "lacked the experience and expertise" to aid the company's entertainment and media business.
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The home of Mickey Mouse, in a letter to shareholders, also emphasized its achievements under the direction of Chief of Staff Bob Iger, who recently returned to the helm of the business for a second time.
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"Peltz does not understand Disney's businesses and lacks the skills and experience to assist the board in delivering shareholder value in a rapidly shifting media ecosystem," Disney said.
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