(Bloomberg) -- Nelson Peltz said Walt Disney Co. is unable to heal “self-inflicted wounds” under current leadership and should be aiming for “Netflix-like margins,” days after the entertainment giant knocked back the activist’s bid for a seat on its board.

In a proxy statement on Thursday, Peltz’s Trian Fund Management LP, which holds about $3 billion in Disney stock, reiterated calls for an overhaul of governance and strategy at the California-based company.

Trian last year nominated Peltz and Jay Rasulo, Disney’s CFO from 2010 to 2015, for positions on the media group’s board as part of its efforts to improve performance. 

Disney on Tuesday rejected the proposal, saying Peltz lacked new ideas and Rasulo had been away from the media business for too long.

“It is unfortunate that a company as iconic as Disney and with so many challenges and opportunities has refused to seriously engage with us, its largest active shareowner, about board representation,” Peltz said in Thursday’s filing. 

Disney this week said it’s had no less than 20 “meaningful” interactions with Peltz since the Trian founder dropped an earlier push for a board seat last February. Those included a Nov. 19 sit down in New York between Peltz and Disney Chief Executive Officer Bob Iger.

A representative for Disney declined to comment.

Peltz has previously criticized Disney for bungling its own CEO transition after Iger returned to run the company in November 2022 following the ouster of his successor, Bob Chapek. 

“Disney is resisting change and asking shareholders to endorse a board comprised mainly of legacy directors (and their hand-picked successors) who have repeatedly failed to properly plan for CEO succession, misaligned the incentives of management, and failed to oversee or drive a strategy to get the streaming business to profitability or the studios to produce good content,” Peltz said in Thursday’s filing. 

Trian wants Disney to target margins akin to those of Netflix Inc. of 15% to 20% by full year 2027. It said the company needs a board-led review of creative processes to reclaim its “#1 box office position.” The investment firm plans to give more details about its goals and initiatives to achieve them in a full shareholder presentation at a later date.

Earlier this month, Disney entered into an information-sharing agreement with another activist shareholder, ValueAct Capital, as part of its efforts to stave off pressure from Peltz. Iger has had a cordial relationship with ValueAct’s CEO Mason Morfit for years. ValueAct plans to support Disney’s slate of board nominees, including Morgan Stanley Chairman James Gorman, at its next annual meeting.

(Adds details from proxy filing throughout.)

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