Disney and its chief executive Bob Iger emerged victorious last night after a long-running battle with activist investors.
In a major vote of confidence, shareholders elected all 12 of the company’s nominees to the board, including Iger himself.
The crunch vote brought to an end a bitter power struggle with activist investor Nelson Peltz, one of the most ruthless corporate raiders on the planet, who was left licking his wounds having seen his bid for a seat on the board rejected.
Peltz, who owns a £2.7billion stake in Disney through his firm Trian Fund Management, and fellow activist Blackwells Capital have been calling for a major shake-up at the company.
Both funds argued that Disney has lost its sparkle under Iger, who came out of retirement in 2022, having previously run it for 15 years to 2020.
Power struggle: Disney boss Bob Iger (pictured) won the support of influential backers including the Disney family and Star Wars creator and director George Lucas
They wanted fresh faces on the board with Peltz, 81, pushing for two seats for Trian while Blackwells was seeking three.
But Disney and Iger persuaded shareholders to stick with their plan.
Peltz is renowned for having muscled his way on to the boards of Procter & Gamble and Unilever and built big holdings in Mondelez and Heinz.
He claims to work ‘collaboratively’ and help bosses run their businesses.
Hours before the vote, he won the backing of Tesla tycoon Elon Musk, who said he would buy Disney shares if Peltz won a seat on the board.
In a statement, Iger said: ‘I want to thank our shareholders for their trust and confidence.
House of Mouse: Disney is under pressure to find a suitable successor to replace Iger when he stands down in 2026
‘We’re eager to focus on our most important priorities: growth and value creation for our shareholders and creative excellence for our consumers.’
Peltz, who before the results were announced said he wanted Disney ‘to get back to making great content and delighting consumers’, said he was ‘disappointed’ with the outcome.
The vote ends months of uncertainty – though Disney is now under pressure to find a suitable successor to replace Iger when he stands down in 2026.
Among its blizzard of condemnation, Trian took aim at the company’s ‘leadership void’, underperforming shares, ‘half-baked’ strategic initiatives, and a ‘conformist’ corporate culture.
But ahead of the vote, Iger won the support of influential backers including the Disney family and Star Wars creator and director George Lucas.
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