JPMorgan Chase CEO Jamie Dimon has thrown his support behind the Disney CEO, encouraging shareholders of the entertainment giant to reject Peltz’s bid for seats on the company’s board in a statement to CNBC.

“Bob is a first-class executive and outstanding leader who I’ve known for decades,” Dimon said. “He knows the media and entertainment business cold and has the successful track record to prove it. It’s a complicated industry filled with creative talent, requiring the unique expertise and engagement skills that Bob possesses. 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.”

Peltz is lobbying Disney shareholders to put himself and former Disney chief financial officer Jay Rasulo on its board. The company’s general meeting is currently scheduled for April 3.

Peltz, in a proxy filing with the Securities and Exchange Commission, said he isn’t happy with Disney’s stock performance and is demanding that a clear succession plan be in place for Iger, who has said he plans to retire in 2026. Peltz also said he is looking to cut costs, adjust executive compensation levels, and bring back the stock dividend.

Disney says its previously announced cuts are sufficient and Peltz’s “assessment of Disney seemed oblivious to the ongoing secular change in the media industry.”

Dimon’s endorsement is a big one, as he doesn’t often comment on proxy battles (though JPMorgan and Disney have worked together in the past). Disney far surpassed analyst expectations in the company’s most recent earnings, reporting earnings per share of $1.22 (adjusted), versus a forecast of 99 cents. The company also announced a $1.5 billion investment in Epic Games and gave higher-than-expected guidance for fiscal 2024.