Disney and CEO Bob Iger emerged victorious last night after a lengthy battle with activist investors.
In a major vote of confidence, shareholders elected all twelve of the company’s nominees to the board of directors, including Iger himself.
The crunch vote ended a bitter power struggle with activist investor Nelson Peltz, one of the world’s most ruthless corporate raiders, who was left licking his wounds after seeing his bid for a seat on the board rejected.
Peltz, who owns a £2.7 billion stake in Disney through his firm Trian Fund Management, and fellow activist Blackwells Capital have called for a major shake-up at the company.
Both funds argued that Disney has lost its luster under Iger, who retired in 2022 and previously led it for 15 years until 2020.
Power struggle: Disney boss Bob Iger (pictured) received the support of influential backers, including the Disney family and Star Wars creator and director George Lucas
They wanted new faces on the board with Peltz, 81, pushing for two seats for Trian, while Blackwells was seeking three seats.
But Disney and Iger convinced shareholders to stick with their plan.
Peltz is known for working his way onto the boards of Procter & Gamble and Unilever and building major stakes in Mondelez and Heinz.
He claims to ‘collaborate’ and help bosses run their businesses.
Hours before the vote, he received the support 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 confidence.
House of Mouse: Disney under pressure to find a suitable successor to replace Iger when he steps down in 2026
“We would like to focus on our top priorities: growth and value creation for our shareholders and creative excellence for our consumers.”
Peltz, who said before the results were announced that he wanted Disney to “get back to creating great content and delighting consumers,” said he was “disappointed” with the outcome.
The vote ends months of uncertainty – although Disney is now under pressure to find a suitable successor to replace Iger when he steps down in 2026.
Amid the storm 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 received the support of influential backers, including the Disney family and Star Wars creator and director George Lucas.
