Activist investor Nelson Peltz said Thursday he intends to nominate himself and former Walt Disney Co.

Chief Financial Officer Jay Rasulo to Disney’s board, escalating a proxy fight. The announcement, weeks after Disney and its CEO, Bob Iger, rebuffed Peltz’s original bid to become a director, came as Peltz’s Trian Fund Management said it had amassed nearly 33 million shares of Disney stock. “As Disney’s largest active shareholder, we can no longer sit idly by as the incumbent directors and their hand-picked replacements stand in the way of necessary change, and peers and competitors continue to outperform,” Peltz said in a news release announcing the two board candidates.

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