Disney CEO Bob Iger fended off an attempt to shakeup the corporate leadership on Wednesday when the shareholders voted to the company's preferred slate of board nominees.
Bob Iger fended off an attempt to shake up the corporate leadership on Wednesday when the shareholders voted for the company’s preferred slate of board nominees.
The effort to change the board was led by billionaire Nelson Peltz who lost his bid for a seat on the board. Peltz argued for a plan of succession in leadership, better streaming targets to be more “Netflix-like,” and called many of Disney’s goals “amorphous and the execution poor.” Iger had returned to the company in late 2022 while the company went through numerous challenges, including Hollywood labor strikes, battles with Gov. Ron DeSantis , and“Despite its many advantages, Disney has lost its way,” Peltz’s company, Trian Fund Management, said in its letter to Disney shareholders last fall.Disney tried to squash Peltz’s efforts to be added to the board by suggesting that he did not bring media expertise or “strategic ideas.
“Disney could suffer the same fate as other great companies that Peltz has previously infiltrated, such as G.E. and DuPont. Nelson Peltz has a long history of attacking companies to the ultimate detriment of shareholder value,” the ad’sa string of box office flops Iger received 94% of shareholders’ support on Wednesday, denying seats for Peltz and his ally Jay Rasulo, a former chief financial officer at Disney.
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