Investor Nelson Peltz Has Failed His Bid To Be On The Disney Board
Image Source: That Park Place
According to the Wall Street Journal, Disney’s CEO, Bob Iger, is in the lead for the reelection of all twelve board candidates. Nelson Peltz is trailing in the current tally. Before the April 3 board annual shareholder meeting, over half of the shareholder votes had been cast.
Approximately twenty percent of the shareholders have already cast their votes, including Disney’s two institutional investors, BlackRock and T. Rowe Price. These major shareholders are backing the company’s current directors, with a representative from T. Rowe Price expressing confidence in the management's ability to address key issues. This stance adds weight to the ongoing board election.
RELATED:
Image Source: Florida Politics
The annual Disney shareholders meeting was held virtually on April 3. Disney “strongly” encouraged shareholders to cast their votes before the meeting.
Regarding individual stakes, Nelson Peltz currently holds 32 million of Disney’s shares, representing 1.8% of the total. In contrast, Ike Perlmutter, the former Marvel Entertainment Chief, wields significant control with 79% of the shares. This stark contrast in share ownership underscores the high stakes of the Disney board election, particularly given Perlmutter's well-documented conflict with Bob Iger, Disney’s current corporate face.
Peltz holds seats on boards for both H.J. Heinz and Proctor and Gamble and complains that Disney’s shares underperform in the market. Disney has told shareholders that Peltz “brings no media experience and has presented no strategic ideas for Disney” and that his efforts are fueled by “vanity.”
READ NEXT:
Source: Variety
Latest News
Featured
