Billionaire Claimed Wendy's Owed Him Almost $600K for 'Security-Related Expenses'

He owns 19.35% of Wendy's through his investment firm.

By Ashley Turner

Wendy's chairman and its largest shareholder, billionaire Nelson Peltz, has reportedly charged the fast-food giant nearly $600,000 over the past year for "security-related expenses," as disclosed in securities filings.

Last spring, Wendy's quietly mentioned in a 116-page proxy statement that its board of directors authorized reimbursement to Peltz for the $596,467 billed by his "independent professional security consulting firm," as per Securities and Exchange Commission filings, according to the New York Post.

On Thursday, Blackwells Capital, which operates under "Future of Disney," on X, wrote on the platform: "Who knew that hamburgers could be so dangerous! Is this how Peltz plans to perform for @Disney shareholders?"

The post took a poke at Peltz's recent proxy campaign to replace Disney directors Michael Froman and Maria Elena Lagomasino with himself and former Disney executive Jay Rasulo.

Blackwells has nominated a list of three independent directors for consideration to join the Disney board. According to regulatory filings, Peltz owns 19.35% of Wendy's through his investment firm, Trian Fund Management.

It has been Peltz's goal over the past few months to press Disney, urging them to increase the streaming profits of their streaming service to Netflix-like levels, improve the box office performance of their movies, and boost ESPN's success as a digital platform, per the outlet.

The head of Disney, Bob Iger, has pushed back, making substantial bets on Taylor Swift, video games, and footballs he believes will stimulate "significant growth" as the company scrambles to turn things around after years of poor performance.

Additionally, Disney announced its plans to launch a streaming ESPN sports network bundled with Disney+ and Hulu, complete with ESPNBet, fantasy sports, and online shopping.

Last week, Iger announced that the venture is scheduled to launch in August 2025. Peltz criticized the investment plan for being a "spaghetti against the wall plan" in a letter to the company's shareholders Monday. "Disney shareholders need the company to consistently perform under the watchful eye of a vigilant Board. That is the recipe for good eating," said Trian, which has been in a dispute with Disney for over a year, per New York Post.

Disney's largest active shareholder is Peltz's Trian Fund Management, with a $3 billion stake. Investors will vote on who will guide Disney's future at a shareholder meeting on April 3. Currently, Iger's contract extends through 2026, which includes a salary package worth $31.6 million.

Peltz and Pasulo have expressed the desire to "finally complete a successful CEO succession" after Iger persistently delayed his retirement date and later returned to lead the company after Bob Chapek was fired in 2022.

0comments

Related:

Start the Conversation

of