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Disney has succeeded in barring Nelson Peltz from its board of directors as shareholders at the company’s hotly anticipated annual meeting today voted for the company’s slate of 12 nominees. It was a months-long bitter and costly fight.
“I want to thank our shareholders for their trust and confidence in our Board and management. 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,” said CEO Bob Iger.
Voting closed last night and the result, following a bitter and expensive proxy, is certainly a major relief to Disney and CEO Bob Iger, who have insisted for months that Peltz brought nothing new to the table strategically and would just be a distraction for management at complex time in the media and entertainment industry and, a delicate moment for the company, which is in the midst of a turnaround. It also slammed Peltz’ ties with Ike Perlmutter, who contributed his significant stake in Disney to Trian’s efforts. The company said the alliance was a conflict of interest since the businessman who sold Marvel to Disney had clashed with Iger and was fired.
Peltz pushed back on all that. His best argument was succession.
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