Disney Chief Executive Bob Iger tells activist investor Nelson Peltz to Let it Go.
Disney has successfully seen off attempts by a veteran activist investor to win seats on its board.
All 12 existing Disney board members were re-elected following a ballot, the results of which were announced at the company’s annual general meeting.
Nelson Peltz, who’s 81, claims the House of Mouse has “lost its way over the past decade” and that “the root cause” of its under performance is a “board that lacks focus, alignment and accountability.”
In addition to his holding in Disney, Peltz is also chair of the fast-food chain Wendy’s.
The result is seen as a vote of confidence in Bob Iger, Disney’s veteran chief executive, who came out of retirement in 2022 after shares in The Walt Disney Company had fallen by 40%.
“I want to thank our shareholders for their trust and confidence in our Board and management,” said Iger
“With the distracting proxy contest now behind us, we’re eager to focus 100 per cent of our attention on our most important priorities: growth and value creation for our shareholders and creative excellence for our consumers.”
Blackwells Capital, another activist investor, had put forward three candidates for the board, accusing the incumbents of a lack of transparency.
But Iger’s growth plan, which included 7,000 job cuts and a restoration of a dividend not seen since the pandemic year of 2020, held the day.
