Peltz and former Disney exec are appointed to Trian's board.

• Nelson Peltz and Jay Rasulo are being nominated to the board of media company by Trian Fund Management.
• The firm reignited a contentious proxy fight with Disney last month.
• Disney has been criticized by Trian for its board missteps and poor financial management.

On Thursday, Trian Fund Management announced the nomination of its CEO, Nelson Peltz, and former CFO Jay Rasulo to the board of media giant Disney, as the firm continues its contentious proxy fight with the company.

The activist-investor firm stated in a press release that unfortunately, the Board and CEO lack conviction that things will improve.

After Rasulo accepted the invitation to be nominated, Trian decided to nominate only two board members instead of three or four, according to a source.

Disney fired back at the move by Trian by defending its current board.

Disney's Board is experienced, diverse, and highly qualified, with a focus on the long-term performance of the company, strategic growth initiatives, succession planning, and increasing shareholder value, according to a statement released Thursday.

Disney's board will receive a recommendation from its governance and nominating committee on the nominations.

Disney's board oversaw significant value destruction and missteps, prompting Trian to launch a proxy battle and seek two board seats for Peltz and another media executive.

Although Disney shares have risen over 8% this year, they have not kept pace with the S&P 500's growth. The stock saw a slight increase in value on Thursday.

Disney CEO Bob Iger is attempting to revive the company after a major restructuring that resulted in thousands of layoffs. Despite being known for its box-office success, Disney has recently experienced a series of disappointments. In an effort to improve its financial standing, Iger plans to reduce the company's focus on movies and new content. The goal is to cut costs by billions of dollars and make the streaming business profitable.

Disney claims that the proxy fight is partly due to a personal grudge held by Peltz's ally and former Marvel boss Ike Perlmutter, who has been a vocal critic of Disney CEO Bob Iger. Trian has control over shares owned by Perlmutter.

Disney appointed James Gorman and Jeremy Darroch to its board the day after Trian launched a fight, which seemed to be a response to the appointment.