Disney’s Boardroom Battle
Disney emerged as the winner in a boardroom battle against activist investors, led by Nelson Peltz, who accused the media giant of mishandling its streaming strategy and losing its creative edge. Despite criticism from Peltz and other investors about Disney’s slow response to challenges and unsuccessful acquisitions, the majority of shareholders voted to maintain the current board and leadership. The debate highlighted issues within Disney’s film and television business and raised concerns about the legacy of former CEO Bob Iger. Peltz emphasized the importance of Disney refocusing on creating quality content, pleasing consumers, and generating sustainable long-term value for shareholders.
Pressure from Activists and Reorganization Plans
In addition to the boardroom battle, Disney faced pressure from right-wing activists regarding its cultural stance and charitable contributions. Shareholder proposals related to Disney’s political and charitable donations, as well as policies for transgender employees, were rejected at the meeting. Despite the turmoil, Disney expressed confidence in its current direction and progress under the leadership of Bob Iger. Iger announced a reorganization and cost-cutting efforts to boost profits, with plans to step down in 2026. The victory in the boardroom battle allowed Disney to refocus on growth, value creation, and fostering creative excellence.
- The battle was costly for both parties, with Trian estimating a $25 million expenditure on shareholder outreach, while Disney claimed a spend of up to $40 million.
- Major shareholders, including George Lucas, Laurene Powell Jobs, and members of the Disney family, supported Iger’s leadership.
- Peltz, although disappointed by the outcome, expressed pride in the impact of his campaign, which gained last-minute support from Elon Musk.
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