Get All Access for $5/mo

Disney and CEO Bob Iger Triumph Over Hedge Funds and Investor Nelson Peltz, After Fierce Board Fight Disney's recommended board directors were elected "by a substantial margin," announced Horacio Gutierrez, senior executive vice president of Disney.

By Sherin Shibu

Key Takeaways

  • Disney's 12 recommended nominees for the board were elected by shareholders.
  • Billionaire Nelson Peltz, 81, launched a months-long, multimillion-dollar campaign to secure seats but was defeated.
  • This was the second time Peltz went after a board position.

Hedge fund investors who sought seats on Disney's board have been defeated.

Disney secured enough votes from shareholders at its annual meeting on Wednesday to win a high-profile board fight against 81-year-old billionaire Nelson Peltz, founder and CEO of Trian Fund Management, and Jay Rasulo, the former chief financial officer of Disney.

Disney's 12 recommended nominees were elected by shareholders "by a substantial margin" over Trian and Blackwells' 5 combined nominees, Horacio Gutierrez, senior executive vice president of Disney, announced at the shareholder meeting at around 10:22 a.m. Pacific Standard Time.

Bob Iger, CEO of Disney, on February 12, 2024. (Photo by JC Olivera/Getty Images)

Disney CEO Bob Iger called the matter "this distracting proxy business" after the outcome was announced, and stated that Disney was now "eager" to keep focusing on driving value for shareholders.

Related: Hedge Fund Billionaire and Disney Investor Nelson Peltz Published 133 Pages on How Disney Should Change

Peltz and Rasulo launched a months-long, multimillion-dollar campaign to secure seats on Disney's 12-person board. Peltz has contested Disney's business choices and recently spoke to the Financial Times about his opinions against the casting in recent Disney films.

At the board meeting, Peltz spoke for about three minutes and said, "There is no doubt that Disney is an iconic company… All we want is for Disney to get back to making great content."

Peltz pointed out that this was the second time he was vying for a board position, referring to another attempt last year that he called off, and stated that regardless of the outcome of the vote, Trian would be watching Disney's performance.

Peltz was interrupted and informed that he was out of time by Gutierrez before he finished giving his statement.

Related: Here's What Disney CEO Bob Iger Told Employees in a Town Hall Address

A March video from Disney called Peltz's ambitions "more about vanity than a belief in Disney" and Rasulo "a former Disney employee who was passed over for a promotion nearly a decade ago." Rasulo stepped down from the Disney CFO position in 2015.

Blackwells Capital, another hedge fund, also nominated three candidates, Craig Hatkoff, Jessica Schell, and Leah Solivan, to the board of directors, according to the annual meeting notice.

Gutierrez announced at the shareholder meeting that Disney did not endorse the nominees from Trian or Blackwell.

Disney instead proposed 12 directors to the board who were ultimately voted in by shareholders: Mary T. Barra, Safra A. Catz, Amy L. Chang, D. Jeremy Darroch, Carolyn N. Everson, Michael B.G. Froman, James P. Gorman, Robert A. Iger, Maria Elena Lagomasino, Calvin R. McDonald, Mark G. Parker, and Derica W. Rice.

Each board director holds the position for one year.

See the annual meeting notice and proxy statement here.
Sherin Shibu

Entrepreneur Staff

News Reporter

Sherin Shibu is a business news reporter at Entrepreneur.com. She previously worked for PCMag, Business Insider, The Messenger, and ZDNET as a reporter and copyeditor. Her areas of coverage encompass tech, business, strategy, finance, and even space. She is a Columbia University graduate.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Side Hustle

The Side Hustle He Started in His College Apartment Turned Into a $70,000-a-Month Income Stream — Then Earned Nearly $2 Million Last Year

Kyle Morrand and his college roommates loved playing retro video games — and the pastime would help launch his career.

Growing a Business

How Visionary Leaders Transform Curiosity Into Groundbreaking Ideas

Lee Brian Schrager, founder of the South Beach Wine & Food Festival, discusses the spark that launched FoodieCon, his best practices for running popular food events, and why all business owners need to adapt to social media trends.

Business News

Homeowners in These 10 States Pay the Most in 'Hidden' Upkeep Costs

Hidden home costs pile on top of mortgage payments.

Data & Recovery

Get $60 off This Portable VPN Travel Router

Why keep paying for a VPN service when you can have a tiny, lightweight piece of hardware that can provide you with a lifetime of maximum VPN protection?

Money & Finance

Avoid These 10 Mistakes Entrepreneurs Make with Money

Despite the challenging statistic that only 5% of startups survive beyond five years, common financial pitfalls often contribute to their failure. Through personal observation, I've identified the prevalent financial mistakes made by entrepreneurs.

Growing a Business

5 Books to Help You Motivate, Unify and Build Perspective

In a post-Covid world, check out these must-read books to help build a more resilient organization, create a modern work culture and maintain a powerful growth mindset.