The vote ends a combative, months-long proxy battle over the company's strategy.
Bob Iger, CEO of the Walt Disney Co. attends the 96th Oscars Nominees Luncheon, Feb. 12, 2024, in Beverly Hills.shareholders on Wednesday rejected board nominees allied with activist investor Nelson Peltz, ending a combative, months-long proxy battle centered on the company’s navigation of the topsy-turvy onset of the streaming era.
The proxy war arrived as a shift to streaming upended the media business. Beset by cord-cutting and the decline of movie theater attendance, Disney has grown the audience for its bundle of streaming services, which include Disney+, Hulu, and ESPN+. However, the new platform has yet to turn a profit.devoted to the activist campaign, titled “Restore the Magic,” Trian Partners calls on Disney management to “develop and articulate” a clear streaming strategy that can achieve “Netflix-like margins.
Nelson Peltz founding partner of Trian Fund Management LP. speak at the WSJD Live conference in Laguna Beach, Calif., Oct. 25, 2016.For his part, Iger has said Disney is in the midst of a company transformation to address the streaming challenge identified by Peltz. Cost cuts have helped boost Disney’s stock price 23% since a recent low in October, but the price remains down 30% from a high attained in March 2021.During Iger’s first stint as Disney CEO, from 2005 to 2020, he managed to push back his departure multiple times. He returned to the position in November 2022 under an agreement to step aside again after two years, but months later the company announced a contract extension through 2026.
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