What happened
Shareholders in the Walt Disney Co. voted down an effort by activist investor Nelson Peltz to join Disney's board on Wednesday, marking the second time in two years that Peltz's Trian Partners hedge fund has failed to infiltrate the company's governing body.
Who said what
Disney CEO Bob Iger said he is "eager to focus 100%" of his attention now on "growth and value creation for our shareholders and creative excellence for our consumers." Trian said it was "disappointed" with the results but grateful for the "support and dialogue we have had with Disney stakeholders."
The commentary
Trian's defeat is a "vote of confidence in Iger" but has "drawn attention to Disney's CEO succession plan," Variety said. Iger's "botched succession" in 2020 was a "key point" in Trian's bid to infiltrate the board, CNBC said.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
What next?
Iger is now free to "push forward with his growth plan for Disney," The New York Times said, citing efforts to "overhaul" ESPN, and expand Disney's theme park and cruise ship offerings.
-
US mints final penny after 232-year runSpeed Read Production of the one-cent coin has ended
-
How could worsening consumer sentiment affect the economy?Today’s Big Question Sentiment dropped this month to a near-record low
-
Musk wins $1 trillion Tesla pay packageSpeed Read The package would expand his stake in the company to 25%
-
Starbucks workers are planning their ‘biggest strike’ everThe Explainer The union said 92% of its members voted to strike
-
Warner Bros. explores sale amid Paramount bidsSpeed Read The media giant, home to HBO and DC Studios, has received interest from multiple buying parties
-
Gold tops $4K per ounce, signaling financial uneaseSpeed Read Investors are worried about President Donald Trump’s trade war
-
Electronic Arts to go private in record $55B dealspeed read The video game giant is behind ‘The Sims’ and ‘Madden NFL’
-
Trump proposes ending quarterly earnings reportsSpeed Read The SEC would have to approve any changes
