BURBANK, Calif. (AP) — Disney shareholders came together to support CEO Robert Iger for a long time, voting on Wednesday to reject activist investor Nelson Peltz and former Disney Chief Financial Officer Jay Rasulo, who had tried to get seats on the company's board.
The company suggested a group of directors that did not have Peltz or Rasulo in it.
The opposing shareholders had stated in a preliminary proxy filing that they wanted to replace Iger at Disney and link management pay to performance. Even though they lost, they considered it a victory in a way after the vote, stating that since Peltz’s company, Trian Partners, started pushing Disney in late 2023, the entertainment giant has been very active by adding new directors and announcing new operating initiatives and capital improvement plans for its theme parks.
“In the last six months, Disney’s stock has gone up by around 50% and is the best performer year-to-date in the Dow Jones Industrial Average,” Trian said in a statement.
Disney declared in November 2022 that Iger would return to the company as its CEO to replace his chosen successor, Bob Chapek, whose two-year time in the role had been marked by conflicts, mistakes, and declining financial performance.
Iger was the public face of Disney for 15 years as CEO before passing the job to Chapek in 2020, during which Iger achieved a series of successes appreciated in the entertainment industry and by Disney fans. But his second time in the role has not earned him the same praise.
