Disney's Iger says Peltz proxy battle was a 'distraction,' board is focused on picking his successor

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.

"One of the things that I feel great about right now is, put the victory aside, that I can spend all of my time with the management team and the board on executing against those priorities," he said.

While Disney rolled out a string of initiatives to boost shares in recent months as the board battle went on, Iger noted that Peltz's second proxy attempt did little to affect the company's strategy for succession, business investments or its shift in content plans.

Iger told CNBC that choosing his replacement "is the board's No. 1 priority." He said Disney's succession committee, which was established when he returned to his post in late 2022, held a number of meetings in 2023, with plans for more in 2024. Iger noted that the activism has not changed Disney's succession process. Iger's contract runs to 2026.

Iger spoke about the challenges Bob Chapek faced when he took over the company in 2020, including shutdowns of film and TV production, the closure of theme parks and the discontinuation of live sporting events. Chapek held the post for more than two years before Iger returned to it.

"Obviously, we all learn from the past, and we're prepared for this process to be successful," Iger said.

In an interview with CNBC on Thursday, Peltz said he did not have any personal vendetta against Iger but wanted to ensure the company had a leadership plan in place.

"The only issue I had with Bob was the succession plan, which again is at the feet of the board," he said.