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Old Bigoted White Man with No Media Experience Fails in Effort to Send Disney Back to the 1950s

In Shareholder Vote, Disney, Iger Defeat Elon Musk-backed Racist Nelson Peltz who Complained About Female, Black Leads in Movies

In a significant corporate decision, Disney shareholders have voted to reelect all 12 company-backed board members, including CEO Bob Iger, effectively rejecting activist investor Nelson Peltz’s attempt to secure seats on the board of directors. This marks the end of an expensive proxy fight, as announced at the 2024 meeting of shareholders held virtually.

Disney’s senior EVP, Horacio Gutierrez, disclosed that the preliminary vote tabulations showed Disney’s 12 directors had won reelection by a “substantial margin.” While the official vote counts are yet to be disclosed, it is evident that Peltz and his fellow nominee, Jay Rasulo, failed to garner enough votes to secure board seats.

Investors had the option to vote on three competing board candidate slates: Disney’s 12-member lineup, Peltz and Rasulo nominated by Trian Partners, and three nominees from Blackwells Capital. Ultimately, all three firms did not receive enough votes to secure board representation.

Disney chairman Mark Parker expressed gratitude to the shareholders for their investment and belief in the company’s future. He praised the highly qualified board of directors for their commitment to the company’s strength and expertise, emphasizing the focus on succession planning.

CEO Bob Iger thanked the shareholders for their trust and confidence in the board and management. With the proxy contest concluded, Iger emphasized the company’s primary focus on growth, value creation, and creative excellence.

Nelson Peltz’s investment firm, Trian Partners, campaigned for urgent change within Disney’s board, citing stock underperformance and succession planning concerns. In response, Disney highlighted the ongoing CEO selection process conducted by successful CEOs with recent succession experience.

Peltz raised questions about the diversity and representation in Disney’s Marvel films, particularly questioning the need for all-women and all-Black cast films – even though Disney hasn’t produced films fitting that description. His comments sparked conversations about diversity and inclusion in the entertainment industry, leading some to contend Peltz had issues with female and minority representation in Disney films.

The rejection of Nelson Peltz’s board seat bid by Disney shareholders signals a significant decision in the company’s corporate governance. Despite the proxy battle, Disney remains focused on its future growth and continued creative excellence.

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About the author

J Davis

J is a former rock star, former DJ, comic book & political historian, and novelist who once read the ingredients on a chewing gum wrapper and unlocked the secrets of the universe.

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