CalPERS Backs Activist Investors Peltz and Rasulo for Disney Board Seats Ahead of Shareholder Vote

CalPERS pension fund voted for activist investors Nelson Peltz and Jay Rasulo to join Disney's board. CalPERS owns about 6.6 million Disney shares.

Peltz has criticized Disney for over a year regarding struggling stock price and streaming losses.

Activist firms Trian and Blackwells assert Disney board is too close to CEO Iger and management.

Trian and Blackwells have been battling each other while also targeting Disney.

Board election with shareholder vote on Peltz and Rasulo will occur at April 3 Disney shareholders meeting.