Disney won a boardroom battle against critics who accused the media giant of ruining its streaming strategy and losing its creative spark.
Activist investors, including Trian Management’s Nelson Peltz, had sought seats on the company’s board of directors, which they said was too close to Disney’s leadership.
They committed to driving priorities such as higher profits.
The majority of shareholders voted to maintain the company’s current board.
At its shareholder meeting on Wednesday, Disney said its board candidates had been elected by a “substantial margin.” Only 31% of votes cast supported Peltz for a seat, according to a source familiar with the results.
But the close battle raised sharp questions about the struggles in Disney’s film and television business, and cast a shadow over the legacy of veteran leader Bob Iger.
“All we want is for Disney to get back to creating great content and delighting consumers and for Disney to create long-term sustainable value for shareholders,” Peltz said at Wednesday’s shareholder meeting.
Peltz is known for his feuds with big companies like fast-food chain Wendy’s and Procter & Gamble, maker of brands like Pampers and Vick’s.
He had criticized Disney for responding too slowly when pay-TV subscribers began fleeing in 2015 and said big bets, such as Iger’s decision to buy a large chunk of Rupert Murdoch’s media empire in 2019, had failed to pay off. its fruits.
Trian and another firm, Blackwells Capital, said the board had paid executives too much and failed in its responsibility to elect a new chief executive.
