In a dramatic showdown at The Walt Disney Co.’s annual shareholder meeting, CEO Bob Iger emerged victorious as all of the company’s director nominees were elected by shareholders, defeating activist investor Nelson Peltz.
Peltz, through his Trian Partners, had been pushing to replace Disney directors Maria Elena Lagomasino and Michael Froman with himself and former Disney CFO Jay Rasulo. However, Disney announced that Iger secured 94 percent of the vote for his board seat, while Lagomasino beat Peltz by a margin of about two to one.
The proxy battle became increasingly personal, with Disney releasing a video framing Trian as disruptive to its turnaround plan. Peltz, on the other hand, criticized Disney’s stock price and outlined changes he wanted to make at the company, including streamlining the film and TV businesses.
Despite securing support from influential figures like George Lucas and Michael Eisner, Peltz ultimately fell short in his bid to shake up Disney’s board. In a statement, Iger expressed gratitude for the shareholders’ trust and pledged to focus on growth and value creation.
While disappointed with the outcome, Trian acknowledged the impact they had in refocusing Disney on value creation and good governance. The company’s stock has surged approximately 50% since Trian re-engaged with Disney in late 2023, making it the best performer in the Dow Jones Industrial Average year-to-date.
The battle may be over, but the implications of this showdown will likely reverberate throughout the entertainment industry as Disney continues to navigate its future under Iger’s leadership.