Disney and Bob Iger beat Nelson Peltz in proxy fight

Financier Nelson Peltz lost his reputation proxy fight against Disney’s board on Wednesday after shareholders voted by a “marginal margin” to reject Peltz’s suggestion that he is a veteran. Disney chief financial officer Jay Rasulo were given board seats.

Instead, Disney’s entire slate of all 12 board members were reappointed to their seats, Disney said in the announcement.

For months, Peltz and his company Trian Fund Management were to climb A major campaign against Disney’s board claims that the board is not doing its job well and that CEO Bob Iger didn’t have enough skin in the game. Peltz’s main criticism of the Disney board was that the company had messed up sequential planning for Iger and failed to establish a profitable marketing strategy. The campaign positioned Rasulo as an expert in managing parts of the juggernaut theme parks industry, which has not been a hit with investors.

The results of the vote resulted in Peltz’s landslide defeat. Before the meeting starts Reuters was broken a story Peltz had already lost. Initial reports showed that Peltz lost his vote to fill the seat of long-time mayor Maria Elena Lagomasino by three to one, while Rasulo lost his vote against the incumbent. Mastercard President Michael Froman by a majority of five to one, according to a The Hollywood Reporter.

During Peltz’s battle against the Disney board both sides engaged in media and advertising to make their case to the owners. Disney said it spent about $40 million on the advertising campaign. Meanwhile, Peltz has spent $25 million on media outlets and released a 133-page pamphlet titled “Restore the Magic,” in his own words. system which led to, among other things, Edge of “Netflix-like” streaming 15% to 20%.

During the campaign, Iger gained several major supporters including JPMorgan Chase CEO Jamie Dimona major shareholder of Disney and creator of Star Wars George Lucas (probably due to contact with his wife Mellody Hobson who sits on the board of JPMorgan), and the support of many of Walt Disney’s heirsincluding Abigail Disney, who has been openly defiant about him already. Peltz was backed by another well-known Iger hater – Elon Musk. The richest man in the world he promised buy more Disney properties if Peltz wins his seats.

With the fight behind him, Iger said he is looking forward to returning to business as usual. “With the disruptive proxy competition behind us, we are determined to focus 100% of our attention on what matters most: growth and value creation for our shareholders and consumer success,” he said in a statement.

Peltz’s camp said in the words said by a Wall Street Journal: “We are proud of what we have achieved by refocusing the company on profitability and good leadership.”

Disney shares fell 3% the day after the vote.

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