Disney shareholders have rejected Nelson Peltz’s bid for a spot on the board, giving Bob Iger a victory.

– Disney shareholders rejected activist investor Nelson Peltz’s attempt to win seats on the board
– All 12 company-backed board members, including CEO Bob Iger, were reelected
– Peltz and Trian Partners nominee Jay Rasulo failed to secure enough votes for board seats
– Iger received 94% of votes in his favor, while Peltz only got 31% and Rasulo even less
– Disney’s shares were down 2% after the shareholder vote
– Disney’s board conducted a CEO selection process led by successful CEOs with recent succession experience
– Trian’s campaign for urgent change in Disney’s board was based on stock underperformance and botched succession planning
– Institutional Shareholder Services recommended electing Peltz to the Disney board
– Disney struggled to find a CEO successor for Iger before reinstating him in 2022 after firing Chapek
– Peltz’s defeat is seen as a vote of confidence in Iger and the current board by shareholders
– Trian appreciated support and dialogue with Disney stakeholders despite their disappointment in the proxy contest
– Disney spent around $40 million on the board battle, while Trian estimated spending upwards of $25 million
– Disney gave Peltz three minutes to present his case to shareholders before the vote
– Blackwells achieved their objective of keeping Peltz out of the Disney boardroom
– Blackwells will continue pursuing litigation against Disney alleging a conflict of interest with investment firm ValueAct Capital

These bullet points highlight the key points from the article without added personal opinions or interpretation.



Source link