On January 12, 2023, Trian Fund Management announced that it has nominated its billionaire co-founder, Nelson Peltz, to Walt Disney Co's board. Peltz has criticized the Company for overspending on its acquisition of 21st Century Fox, muddling succession planning and said the Company needs to cut costs and turn a profit at its Disney+ streaming service. Trian Fund stated that over the past year, the Company has endured pressure from Third Point's Daniel Loeb to refresh its board in the face of uncertainty around profitability of its streaming business and has also seen surprise return of veteran Bob Iger from retirement as chief executive.