Disney’s Bob Iger beats back activist investors to keep control of Mouse House after bitter battle
NY Post
Disney chief Bob Iger prevailed in a bitter proxy battle with activist investors over the company’s board members Wednesday.
The Mouse House garnered a “substantial margin” of support at its annual shareholders’ meeting, keeping its board of directors from relinquishing a board seat to Nelson Peltz, head of Trian management, and former Disney chief financial officer Jay Rasulo.
Blackwells Capital, another hedge fund that nominated three board director candidates, was also unsuccessful in its attempt.
“I want to thank our shareholders for their trust and confidence in our board and management,” Iger said. “With the distracting proxy contest now behind us, we’re eager to focus 100% of our attention on our most important priorities: growth and value creation for our shareholders and creative excellence for our consumers.”
Shareholders voted to elect all 12 nominees recommended by the Disney Board: Mary T. Barra, Safra A. Catz, Amy L. Chang, D. Jeremy Darroch, Carolyn N. Everson, Michael B.G. Froman, James P. Gorman, Robert A. Iger, Maria Elena Lagomasino, Calvin R. McDonald, Mark G. Parker, and Derica W. Rice.
Reuters had reported hours before the vote was cast that Disney had won enough support to end the high-profile board fight, but that did not stop Peltz from making his case ahead during the meeting.
