BURBANK, Calif. (AP) — Disney shareholders supported CEO Robert Iger, voting on Wednesday to reject activist investor Nelson Peltz and former Disney CFO Jay Rasulo, who wanted to join the company’s board.
The company suggested a group of directors that did not feature Peltz or Rasulo.
The dissenting shareholders had stated in an initial proxy filing that they aimed to substitute Iger at Disney and link management compensation with performance. Despite their defeat, they claimed a form of triumph after the vote, pointing out that since Peltz's company, Trian Partners, began pressuring Disney in late 2023, the entertainment giant has been very active by adding new directors and announcing new operational initiatives and capital improvement plans for its theme parks.
“In the last six months, Disney’s stock has increased by around 50% and is the top performer in the Dow Jones Industrial Average this year,” Trian stated in a release.
Disney revealed in November 2022 that Iger would return as its CEO to replace his chosen successor, Bob Chapek, whose two-year term was filled with conflicts, errors, and declining financial performance.
Iger led Disney publicly for 15 years as CEO before passing the role to Chapek in 2020, during which time Iger achieved a series of successes praised in the entertainment industry and by Disney enthusiasts. However, his second stint in the role has not received the same level of praise.
