Here’s Why Investors Are Bullish On Disney Despite Its Proxy Fight With Billionaire Peltz (2024)

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Here’s Why Investors Are Bullish On Disney Despite Its Proxy Fight With Billionaire Peltz (2024)

FAQs

Who won the Disney proxy battle? ›

Arguably the biggest winner was Disney CEO Bob Iger, who can now move forward with the “distracting” proxy fight behind him. Iger's board seat was also up for a vote, and the filing shows that he secured about 94 percent of the votes, or 1,118,465,241 votes, with only 73,022,334 votes to withhold.

Why is Disney having a proxy fight? ›

The proxy fight between Disney and Trian and Peltz had been particularly heated in the weeks leading up to the annual shareholder meeting. Trian claimed Disney "has lost its way in the past decade" and experienced "chronic underperformance" financially for shareholders.

Did Disney stock drop after victory in proxy fight against Peltz? ›

Shares of Disney finished down 3.1%, its worst day of the year, after moving between gains and losses as investors awaited the results of the proxy battle between the company and Peltz's Trian Partners.

What were the results of the Disney vote? ›

Disney Candidates Won Overwhelming Majority of Votes at Shareholder Meeting, Official Tally Reveals
NomineeForWithold
Michael Froman1,041,678,945148,647,978
James Gorman1,160,913,66929,381,691
Bob Iger1,118,352,50172,002,255
Maria Elena Lagomasino748,599,867441,719,526
13 more rows
Apr 9, 2024

Has Disney defeated Nelson Peltz in a shareholder vote? ›

Shareholders threw their support behind Iger, with the CEO securing 94% of votes cast, while Disney director Maria Elena Lagomasino, whose seat Trian contested, won 63%, according to people familiar. Peltz won 31% of votes cast.

What happened with the Disney board vote? ›

It's official: Disney shareholders shot down activist investor Nelson Peltz's effort to win seats on the Mouse House's board of directors. Investors voted to reelect all 12 of the company-backed board members, including CEO Bob Iger, ending the most expensive corporate proxy fight in history.

How much did the Disney proxy battle cost? ›

“Disney's Board… should be allowed the time to focus on driving value at one of America's most iconic companies without this fatuous sideshow.” In fact, the battle is believed to be the most expensive proxy fight in history, with Disney estimating its costs at around $40 million.

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