Disney CEO Bob Iger Prevails in Proxy Battle Against Activist Investor Nelson Peltz. Here's Who Really Won.
The drama that's been happening in the boardroom has been worthy of one of Walt Disney's (NYSE: DIS) big action movie blockbusters. Late last year, activist investor Nelson Peltz of Trian Partners initiated a proxy fight, seeking a place on Disney's board. In a recent presentation, Peltz cited Disney's recent box office failures, lack of profitability in its streaming segment, and the "botched" succession planning that resulted in the ouster of former CEO Bob Chapek.
Shareholders had their say on the matter at Disney's 2024 annual meeting on Wednesday, rebuffing the activist investor and officially backing the entire slate of Disney-backed directors. Disney's legal and compliance chief Horacio Gutierrez made the announcement Wednesday, saying that Bob Iger and the entertainment company had prevailed by a "substantial margin." This marked the second such defeat in as many years for Peltz, who had tried unsuccessfully last year to join Disney's board.
Image source: Disney.
Source Fool.com
