Nelson Peltz, citing changes at Disney, ends push for seat on board

Activist investor Nelson Peltz has called off a proxy fight with Disney one day after newly returned CEO Bob Iger announced a major restructuring of the company that includes thousands of job cuts.

Peltz phoned into CNBC on Thursday to say that his firm, Trian Fund Management, got everything it wanted with the changes imposed by Iger.

We will be watching, we will be rooting, and the proxy fight is over,” Peltz said.

Peltz last month announced that he would seek a seat on the board of the entertainment company, citing a failed succession after Iger departed about two years ago and named Bob Chapek as his replacement.