Walt Disney shareholders have spoken, and they have backed Chief Executive Bob Iger and the current board of directors in a resounding victory against activist investors. The battle, which saw billionaire Nelson Peltz and Blackwells Capital campaigning for change at the entertainment giant, ended with the re-election of all 12 board members at the annual shareholder meeting.
Despite the challenges posed by the activists, Disney’s board stood firm and now faces the task of finding a successor to the 72-year-old Iger before his planned retirement in 2026. The company must also demonstrate progress in making its streaming television unit profitable and launching an app for its ESPN sports network.
Analysts are closely watching Iger’s next moves, with a warning that failure to deliver results within the next year could lead to a shift in investor sentiment. Disney shares were down 3.2% following the announcement of the shareholder vote.
Peltz and Blackwells, who sought seats on Disney’s board, argued that the company had faltered in CEO succession planning, lost its creative edge, and failed to leverage new technology effectively. Despite their efforts, Iger received overwhelming support from shareholders, with Peltz garnering only 31% backing.
The closely watched battle highlighted Disney’s efforts to revitalize its franchises, make its streaming business profitable, and secure partnerships for ESPN’s digital future. Both sides invested heavily in campaigns, with public and personal attacks launched in a bid to sway voters.
In the end, Disney’s shareholders have shown their confidence in Iger and the current board, signaling a commitment to the company’s long-term vision and growth.