In a contentious shareholder vote, Disney’s Bob Iger defeats Nelson Peltz

On Wednesday, Walt Disney Co. successfully defended itself against a challenging effort led by billionaire investor Nelson Peltz. Shareholders overwhelmingly showed their support for CEO Bob Iger and the company’s nominated Board members, effectively putting an end to a costly campaign against Disney’s leadership and strategic direction.

In what was Disney’s most significant board election in two decades and one of the most closely followed proxy contests in corporate America, Peltz’s attempt to secure a Board seat fell short. Preliminary results indicate that Peltz garnered approximately 31% of the vote, as disclosed by a source familiar with the election process but not authorised to speak publicly.

Despite prevailing in the proxy contest, Disney faces substantial business challenges and lingering discontent among some shareholders.

Had Peltz succeeded, it would have signalled a stunning rebuke to Disney’s board and Iger. However, even with Peltz’s defeat, pressure mounts on Iger and his team to accelerate the company’s turnaround efforts, particularly in streaming profitability and revitalising other business segments.