In a major victory for Disney’s Chief Executive Officer Bob Iger, shareholders have decisively voted in favor of the company’s board nominees.

The outcome, announced Wednesday, reflects strong investor confidence in Iger’s leadership, with the CEO securing an impressive 94% of votes cast.

Disney’s slate of 12 directors garnered substantial support from shareholders, marking a clear endorsement of the company’s current direction.

Peltz, known for his push for corporate change, particularly in the realm of management accountability, faced a setback as he managed to secure only 31% of votes cast.

Despite his criticisms of Disney’s operations and calls for a fresh perspective on the board, shareholders ultimately opted to maintain continuity with the existing leadership.

Shareholder base

Retail investors, who represent a significant portion of Disney’s shareholder base, played a pivotal role in supporting the company’s nominees.

Approximately 75% of retail investors who cast votes backed Disney’s slate, underscoring widespread confidence in Iger’s vision for the entertainment giant.

The defeat deals a blow to Peltz’s Trian Partners, which had sought to exert greater influence within Disney’s boardroom.

Shares of $DIS v. $TSLA since the day Musk told Iger (and advertisers) to “go f*** yourself.” pic.twitter.com/5mTDcKq4Bc

— Carl Quintanilla (@carlquintanilla) April 3, 2024

Nevertheless, Trian expressed pride in its efforts to drive value creation and improve governance within the company, despite the outcome.

While Disney’s victory reaffirms Iger’s control over the board, it also highlights the importance of succession planning—a key issue raised by Peltz during the proxy fight.

With Iger set to step down in 2026, attention now turns to identifying and grooming potential successors from within Disney’s ranks.