Nelson Peltz, the veteran activist investor and founder of hedge fund Trian Fund Management, is gearing up for a new multi-seat board challenge at Walt Disney, less than 10 months after the company set out a strategy to address his concerns, according to a report by Reuters.

The report cites an unnamed source with knowledge of the matter as revealing that with Disney's stock price having tumbled by 30% since then, Peltz is again pushing for board representation and is expected to now ask the company for "multiple" seats.

Trian Fund Management is one of Disney's largest shareholders with a 30 million share stake worth around $2.5bn. According to regulatory filings, the New York-based firm has increased its holding five fold since the end of the second quarter when it owned just 6.4 million shares in the entertainment giant.

Trian ended its original proxy fight for one board seat in February after Disney boss Bob Iger revealed a plan to improve the company's operations and financial performance.