As Disney’s share price plummeted over the summer, Nelson Peltz, the investor, lost confidence in Disney’s ability to right the ship, even as the company’s board in July extended Iger’s contract through 2026. Iger spoke to Peltz, co-founder of Trian Fund Management, on the phone in May after Disney’s second-quarter earnings report, in which the company reported that it reduced losses in its streaming business, and tried to reassure him that the cost-saving plan was working, but is was not.

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