Disney Defeats Billionaire’s Attempt To Take Over Its Board Seats

https://www.cartoonbrew.com/business/disney-defeats-billionaires-attempt-to-take-over-its-board-seats-239438.html

Disney announced itself victorious at its annual shareholders meeting this morning, after successfully rebuffing billionaire investor Nelson Peltz and his attempt to take over multiple seats on The Walt Disney Company’s board of directors.

According to The Hollywood Reporter:

> A source says that [Disney CEO] Iger secured 94 percent of the vote for his board seat. [Current board member Maria Elena] Lagomasino beat Peltz by a margin of about two to one, with the activist securing about 30 percent of the vote for his seat. [Former Disney executive Jay] Rasulo lost his vote by a margin of five to one.

Disney has more retail shareholders than most public companies, which is why the campaign was so public. A source says that retail shareholders voted by a margin of about 75 percent to 25 percent to support Disney’s board.

Major Disney shareholders such as George Lucas and Laurene Powell Jobs supported Iger’s management in the battle, as did JPMorgan Chase CEO Jamie Dimon, former Disney CEO Michael Eisner, and the grandchildren of company founders Walt and Roy O. Disney.