From CNBC: 2024-04-03 14:01:54

Disney shareholders reelected the full board, defeating activist Nelson Peltz and former Marvel CEO Ike Perlmutter. Peltz’s loss to Lagomasino resulted in a 2-to-1 margin defeat, with retail voters overwhelmingly supporting Disney. Turnout for the director vote was in the mid-sixties, with Blackwells also failing to win board seats.

Peltz controls a $3.98 billion stake in Disney and has a successful track record at iconic companies. Disney faces challenges from ESPN subscriber loss, streaming competitors, and succession planning. Shareholders rallied around Disney after major announcements in February, with shares jumping 23% since then.

Major proxy advisors noted succession issues at Disney, while Glass Lewis supported Iger’s return. Peltz criticized Disney’s announcements as a distraction to shareholders. Despite spending an estimated $40 million on the fight, Disney’s two largest shareholders backed management in the final days before the vote.

Peltz and Trian claimed credit for the rebound in Disney shares, despite not winning board seats. After the proxy contest, Disney aims to focus on growth, value creation, and creative excellence. Bob Iger thanked shareholders for their support, while Blackwells expressed satisfaction that Peltz was not elected.



Read more at CNBC: Shareholders vote on Nelson Peltz and Bob Iger