Disney (DIS) CEO Bob Iger received new support in his battle against activist investor Nelson Peltz from none other than JPMorgan (JPM) CEO Jamie Dimon on Wednesday.

In a statement, Dimon endorsed Iger's leadership along with the media giant's current board ahead of a critical shareholder meeting set to take place next month.

"Bob is a first-class executive and outstanding leader who I’ve known for decades. He knows the media and entertainment business cold and has the successful track record to prove it," Dimon said in a statement provided to Yahoo Finance on Wednesday.

"It’s a complicated industry filled with creative talent, requiring the unique expertise and engagement skills that Bob possesses," Dimon added. "Putting people on a Board unnecessarily can harm a company. I don’t know why shareholders would take that risk, especially given the significant progress the company has made since Bob came back."

Disney's proxy feud

Last year, Peltz and his hedge fund, Trian Fund Management, renewed a push to shake up Disney's board as the stock price hit multiyear lows.

Disney has been grappling with challenges that include a declining linear TV business, slower growth in its parks business, and losses in its streaming business.

Peltz is currently seeking board seats for himself, along with former Disney CFO Jay Rasulo. If the proxy battle continues to a vote, a shareholder meeting set to take place on April 3 will ultimately determine the board's fate.

Trian published a 130-page white paper last week blaming the board for Disney's underperformance and accusing its members of lacking "focus, alignment and accountability."

Disney responded in a presentation added to its Vote Disney website on Wednesday. The company slammed Trian's white paper, refuting the activist's arguments and criticizing the paper for lacking "substance and thought."

Disney added that Peltz and his supporters, including ousted Disney executive Ike Perlmutter, would "harm Disney and jeopardize our strategic transformation."

"Peltz — particularly with his known relationship with Perlmutter — would create a significant distraction and waste time and resources when management needs total focus on execution," Disney said.

Trian responded to the presentation, saying it's "disappointed that Disney is running a scorched-earth campaign that appears to be focused on deflecting attention from the Board’s failures."

The activist said the campaign is not about Bob Iger (Trian supports his reelection and continued service as CEO) or Ike Perlmutter.

"Mr. Perlmutter is not on the ballot, is not seeking a Board seat and will not influence the fiduciary responsibilities of our candidates," Trian said.

Dimon, for his part, faced similar shareholder pressure in 2013, following the "London Whale" trading loss debacle. He ultimately won the fight and retained his current role as CEO and chairman of the bank. Earlier this year, JPMorgan reshuffled its executive ranks as the bank prepares for life after Dimon, who has run the firm since 2006.

At Disney, other shareholders have also jumped into the fray as the proxy battle gains steam. Trian has received support from fellow activist investor Ancora. Another investment firm, Blackwells Capital, supports the company's current board but has urged shareholders to vote for its three nominees as additions to it.

Earlier this week, Blackwells said Disney failed to disclose that activist ValueAct Capital had invested more than $350 million of the company's pension fund assets and had been receiving fees between $55 million to $95 million for the services provided to Disney's pension fund since as early as 2013.

ValueAct, which began investing in Disney late last year, entered into an information-sharing agreement with the media giant in January. The agreement ensures ValueAct will support Disney's recommended slate of board nominees in exchange for information.

According to a source cited by Reuters, Disney had fully withdrawn its investment in ValueAct and the firm no longer managed any money for the company when it built its stake in the media giant last year.

Disney did not immediately respond to Yahoo Finance's request for comment.

Editor's Note: This post has been updated to include Trian's latest statement

Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at [email protected].

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