Jamie Dimon backs Bob Iger as Disney CEO

Walt Disney Co (NYSE: DIS) is in the green at writing after Jamie Dimon of JPMorgan Chase & Co (NYSE: JPM) endorsed Bob Iger as chief executive of the entertainment conglomerate.

Disney is in a proxy battle with Trian Partners

Iger has been in a proxy battle with Nelson Peltz of Trian Partners for months.

Peltz is disappointed in Disney’s leadership and is seeking to be nominated on its board. Still, Jamie Dimon – the chief executive of $JPM told CNBC’s David Faber today:

Note that JPMorgan has a history of advising $DIS on defensive issues but Dimon himself rarely ever comments on proxy battles.

Disney reported a strong Q1 last month

Dimon talked of the “harm” that “unnecessarily” adding new members to the board could bring to a company on Wednesday.

He’s convinced that Disney has made “significant progress” ever since Bob Iger returned as its chief executive and, therefore, does not see a need for leadership change at the mass media giant.

Last month, $DIS raised dividend after reporting better-than-expected financial results for the first quarter as its direct-to-consumer segment loss narrowed further.

Also recently, the New York listed firm merged its Indian media business with Reliance Industries as Invezz reported here. Wall Street currently has a consensus “overweight” rating on shares of the Walt Disney Co.