Disney board fends off Peltz infiltration bid
Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
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.
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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.
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