Activist investors, including Nelson Peltz of Trian Management, who claimed the corporation’s board of directors was too close to Disney’s leadership, had applied for seats on it. They committed to advocating for important issues like increased revenues. Most stockholders decided to keep the corporation’s current board of directors.
Disney said at its Wednesday shareholder meeting that a “substantial margin” had elected its nominees for the board. As per an informed source, Mr. Peltz received just 31% of the votes cast in favor of a seat.
However, the intensely contested dispute created severe concerns about difficulties at Disney’s film and television division and clouded the reputation of longtime CEO Bob Iger.
During the shareholder meeting on Wednesday, Mr. Peltz stated, “All we want is for Disney to get back to making great content that delights consumers and for Disney to create sustainable long-term value for shareholders.”
Mr. Peltz is well-known for his legal battles with large corporations, including Procter & Gamble, the parent company of Pampers and Vicks, and the fast food chain Wendy’s.
When pay television subscribers began to leave Disney in 2015, he had criticized the company for acting too slowly. He also pointed out that Mr. Iger had taken significant risks by purchasing a substantial portion of Rupert Murdoch’s media business.
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