Disney shareholders back CEO Iger, rebuff activists who wanted to shake up the company

In a significant show of support for Disney's leadership, the media and entertainment giant's shareholders voted to re-elect Robert A. Iger as chairman and CEO during the company's annual meeting on March 9, 2023. The vote came despite pressure from two activist investors, Trian Fund Management LP and Sage Advisory Group, who had called for major changes at the company.

Trian Fund Management, led by Nelson Peltz, had proposed that Disney split its entertainment and theme park businesses into two separate companies. Sage Advisory Group, which owns a small stake in Disney, had advocated for a larger board and more transparency around executive compensation.

However, the majority of Disney's shareholders sided with Iger and the current board of directors. According to preliminary voting results, over 67% of shares voted in favor of Iger's re-election as CEO, and over 94% of shares voted in favor of his re-election as chairman.

Iger, who returned as CEO in 2015 after a brief retirement, has led Disney through a period of significant growth and transformation. Under his leadership, the company has made major investments in streaming services like Disney+ and Hulu, as well as in theme park expansions and international markets.

Despite these successes, some investors have expressed concerns about Disney's high debt levels and the competitive landscape in the streaming industry. However, Iger and the board have argued that these investments are necessary for Disney to remain competitive in a rapidly changing media landscape and to continue delivering value to shareholders in the long term.

The outcome of the annual meeting was seen as a vote of confidence in Iger's leadership and strategy for the company. In a statement, Iger thanked shareholders for their support and expressed his commitment to continuing to deliver value for them. "I am deeply grateful for the trust and confidence our shareholders have placed in me and in our management team," he said. "We will continue to focus on creating great content, delivering innovative and engaging experiences for our customers, and driving long-term value for our shareholders."

The final voting results of the annual meeting are expected to be officially announced in the coming days.