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Nelson Peltz's proxy battle was a "distraction" and Disney can now focus on trying to turn a streaming profit and planning its succession, its CEO Bob Iger said on CNBC's "Squawk on the Street" on Thursday, just one day after handing a stinging defeat to the activist investor.
Disney shareholders overwhelmingly voted to keep the company's current board intact during Wednesday's annual meeting, suggesting they believe current CEO Bob Iger has a plan to boost shares and install a strong successor.
Disney shareholders on Wednesday reelected the media conglomerate's full board, preliminary results show, handing a stinging defeat to activist Nelson Peltz and former Marvel CEO Ike Perlmutter, both of whom agitated for change at one of America's most storied companies.
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Walt Disney Co has secured enough shareholder votes to defeat a challenge against its board mounted by Nelson Peltz's hedge fund Trian Fund Management, people familiar with the matter said on Tuesday.
Disney's largest shareholder, index fund manager Vanguard, plans to support management over Nelson Peltz's Trian Partners in Wednesday's board vote, Bloomberg News reported Tuesday, citing unnamed people familiar with the matter.
In 2015, Nelson Peltz's Trian Partners was defeated in an activist campaign against chemical firm DuPont, largely because the top three institutional shareholders voted against his slate. Nearly a decade later, those same institutional investors — Vanguard, State Street and BlackRock — are the three largest shareholders in Disney. And they could make or break Peltz's campaign against the board that's backing Disney CEO Bob Iger.
In 1994, a captain of the media and entertainment industry saw something in Dana Walden that made him think she was capable of a bigger role.