Disney Finally Vanquishes Peltz as Shareholders Elect Disney Board Candidates “By a Substantial Margin”
After months of battling with Nelson Peltz over his bid for a seat on The Walt Disney Board, Disney has finally vanquished the activist investor.
At today’s annual meeting, Disney shareholders elected the 12 Disney board candidates and rejected the candidates proposed by both Trian and Blackwells.
Prior to the final vote being tallied, Peltz had an opportunity to address shareholders.
“We have more than 3.5 billion invested in Disney. At Trian, we invest in great companies that, for one reason or another, have stumbled,” Peltz began.
Nelson Peltz
“All we want is for Disney to get back to making great content and delighting consumers.
A Win For Disney and Iger
Unlike Peltz, Blackwells chose not to address shareholders. Their battle with Disney will seemingly continue through the courts.
Despite Peltz’s pitch to shareholders, the activist investor was ultimately foiled in his quest to get a seat on the board. During the meeting, Disney stated that their own board candidates had defeated the Trian and Blackwells nominees by a significant margin.
Photo: Disney CEO Bob Iger (Getty Images)
Elected to the Disney board were: 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.
“We are immensely grateful to our shareholders for their investment in Disney and their belief in its future, particularly during this period of great change in the broader entertainment industry. We are fortunate to have a highly qualified Board of Directors who possess a profound commitment to the enduring strength of this company and an enormous amount of experience and expertise, including succession planning,” said Mark Parker, Chairman of the Board.
Photo: Disney
“The Walt Disney Company I’m thankful for Bob and his exceptional management team, as well as Disney’s employees and Cast Members around the world, for continuing to deliver for consumers and shareholders throughout this distracting proxy battle.”
Trian Shifts Its Messaging
Perhaps knowing that the writings were on the wall, Trian pivoted their messaging to highlight the fact that Disney stock increased nearly 50% after Peltz launched his proxy battle.
Defeating Peltz and Blackwells is undeniably a show of strength for Bob Iger and the Disney board. The proxy battle was hard-fought and the most expensive in history.
“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,” Iger said.
Peltz May Not Go Away
Still, in spite of his proxy battle falling short, Peltz made it clear that he is not going away.
Photographer: Patrick T. Fallon/Bloomberg via Getty Images
“Regardless of today’s vote, Trian will be watching the company’s performance,” Peltz concluded.
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