Disney shareholders have shown their support for CEO Robert Iger by voting against activist investor Nelson Peltz and former Disney CFO Jay Rasulo, who were seeking seats on the company's board. The company had recommended a slate of directors that did not include Peltz or Rasulo.
The dissident shareholders aimed to replace Iger and align management pay with performance, as stated in a preliminary proxy filing. Despite their defeat, they claimed a victory of sorts, highlighting the positive changes Disney has made since Trian Partners started pushing for reforms in late 2023. These changes include adding new directors and announcing new operating initiatives and capital improvement plans for Disney's theme parks.
Since Iger returned as CEO in November 2022, replacing Bob Chapek, Disney's stock has surged by approximately 50% over the last six months, making it the best performer in the Dow Jones Industrial Average year-to-date. Chapek's two-year tenure was marked by conflicts, missteps, and declining financial performance, leading to Iger's return to the helm.
Iger previously served as Disney's CEO for 15 years, during which he achieved numerous successes recognized in the entertainment industry and by Disney enthusiasts. However, his second stint as CEO has not garnered the same level of acclaim.
