Aged corporate raider Nelson Peltz wants two Walt Disney Co. (NYSE: DIS) board of directors seats. One is for him, and the other is for former Disney CFO Jay Rasulo. Peltz is an old hand at attacking boards at companies he considers mismanaged, including Heinz and Procter & Gamble.

Peltz believes current CEO Bob Iger, who was CEO once before, has wrecked Disney and driven its stock down 37% in the past two years, while the S&P 500 gained 2%. The stock might be even lower without Peltz at the gate of Disney with a plan to improve its financial prospects.

Peltz sees in Disney what many other investors do. It has some of the best brands in the world but has run them badly. Its streaming video business, led by Disney+, has a remarkable 160 million subscribers, but it has lost billions of dollars in a sector controlled by Netflix and Amazon. Powerful competition, including Apple+, will make the business even more competitive.

Disney’s studios have had a string of disappointing movies. These include, according to Variety, “The Marvels,” “Indiana Jones and the Dial of Destiny” and “The Haunted Mansion.” (See which are the 50 best Disney movies of all time.)

Disney’s legacy businesses are also in trouble. ABC, which gets most of its money from the traditional advertising business, operates in a sector dominated by Google, Facebook and Amazon. ESPN is trapped because cable companies are less willing to pay large fees for its content.

Disney’s theme parks remain the anchor to its success. But it has raised ticket prices recently, and there is anxiety that this will reduce the number of visitors.

Nelson Peltz has not publicly stated his plans for Disney if he gets board seats. Undoubtedly, he will push for Disney to auction off its weakest businesses. And, as is usually part of the playbook to increase the share price, many people will be laid off.

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