Disney Releases the Final Vote Tallies For It’s Board Elections and Nelson Peltz Was Not Even Close
The most expensive proxy battle in history came to an end last week when The Walt Disney Company defeated Nelson Peltz and his Trian Management in their bid to get seats on the Disney board.
After months of making his pitch to investors, Peltz’s efforts came to naught when shareholders decisively voted to keep the activist investor off the board.
Photo: CNBC
While Disney announced that its candidates had been re-elected by a “substantial margin,” the question following the vote was how close Peltz got to getting a board seat.
NBC News
As it turns out…not particularly close.
Disney’s Candidates Easily Won Reelection
The Walt Disney Company has released the official vote totals from last week’s elections, and the end result was a landslide for Disney.
Of the 12 Disney-back director candidates, nine received more than 90% of the vote. The highest vote-getters were Morgan Stanley executive chairman James Gorman (98%) and former Sky CEO Sir Jeremy Darrock (96%). Bob Iger received 94%.
Photo: Disney
The Disney nominees with the lowest vote totals were the two candidates targeted by Peltz. Maria Elena Lagomasino received 63% of the vote, while Michael Froman got 88%.
Peltz, meanwhile, received just 31% of the vote, while his ally, former Disney CFO Jay Rasulo, got just 12% of the vote.
Photo: Variety
Finally, the candidates nominated by Blackwells Capital received only 2% of the vote.
Peltz Is Not Going Away
After months of the two sides going back and forth, the final result between Disney and Peltz was decisive.
Photo: restorethemagic.com
Despite the magnitude of defeat, however, Petlz has made it clear that he is not going away. In fact, the activist investor has said that should Disney not keep the promises they made to shareholders, he will be back for Round 3.
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