Disney's biggest shareholder fight in 20 years will shape the company's future
Walt Disney Co.'s biggest boardroom showdown in 20 years culminates this week with an election that has already reverberated throughout the Burbank entertainment giant.
Billionaire Nelson Peltz has waged a nearly six-month battle for a seat on Disney's board of directors. A smaller activist group, Blackwells Capital, joined the fray with three other candidates. Disney has offered its own slate of 12 nominees, including two new board members.
On the surface, the opposition campaigns do not threaten the standing of Disney Chief Executive Bob Iger, whose reelection to the board is uncontested. But Wednesday's vote has turned into a contentious referendum on the celebrated CEO, who has struggled to tame the enormous problems that prompted his return in late 2022.
If Disney prevails, and its nominees are elected, Iger should have a clear runway to for the century-old company before his planned retirement in 2 1/2 years. However, the dynamics could be strained should Peltz — the founder and CEO of Trian Fund Management — and his running mate, former Disney executive Jay Rasulo, join the board.
