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Iger wins Disney board battle

April 3, 2024

Walt Disney has secured enough shareholder votes to defeat a challenge against its board mounted by Nelson Peltz’s hedge fund Trian Fund Management. Enough votes had been to put Disney’s board directors safely ahead of Trian’s two challengers, Peltz and former Disney chief financial officer Jay Rasulo, sources told reuters.

Blackwells Capital, another hedge fund that nominated three board director candidates at Disney, was also unsuccessful in its attempt. The result of this year’s most high-profile board fight will be announced at Disney’s annual shareholder meeting today (Wednesday 03.04). They requested anonymity ahead of an official announcement.

Trian may still be able to claim a financial win at Disney, given that the company’s shares have gained nearly 50 per cent since early October 2023 when Peltz said he was planning a fresh push for seats. Disney unveiled a string of changes as it sought to win back investors’ confidence. It also refreshed its board with two new members. The hedge funds had argued new blood was needed in the board room because Disney bungled its succession planning, lost its creative spark and failed to properly harness new technology.

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