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Walt Disney Co. shareholders voted against a group of activist investors on Tuesday, ending a hotly-contested proxy battle over the management of the entertainment giant. The activist investors, led by billionaire Nelson Peltz and Trian Fund Management, argued that Disney had “lost its way” because the board lacked “focus, alignment, and accountability” on issues like streaming profitability.
Blackwells Capital, another hedge fund that nominated three board director candidates, was also unsuccessful in its attempt.For more than a year, activist investor Nelson Peltz has tussled with Disney executives in an effort to gain more influence over the company, culminating in an all-out proxy battle to secure two seats on the board. Based on preliminary results released on Wednesday, shareholders rejected Peltz’s advance, the company said.
Disney D-Day: Bob Iger Celebrates Board Battle Win & End Of “Distracting Proxy Contest”; Nelson Peltz “Disappointed” Then Tries To Spin It Into A WinScoring a big and costly win Wednesday against Nelson Peltz’s second attempt to get on the Disney board, Bob Iger was both gracious and a little biting in victory.
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