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Hedge fund investors who sought seats on Disney’s board of directors lost.
Disney secured enough votes from shareholders annual meeting High-profile board hearings Wednesday against 81-year-old billionaire Nelson Peltz, founder and CEO of Trian Fund Management, and former Disney chief financial officer Jay Laszlo. It’s to win the battle.
Disney’s 12 recommended nominees were selected by shareholders by a “significant margin” over the five nominees from Tryon and Blackwells, Disney senior executive vice president Horacio Gutierrez said in a statement Monday morning PST. The announcement was made at the general meeting of shareholders at around 10:22am.
Disney CEO Bob Iger on February 12, 2024 (Photo by JC Olivera/Getty Images)
After the results were announced, Disney CEO Bob Iger called the matter a “distracting proxy business” and said Disney remains “enthusiastic” to remain focused on increasing shareholder value. He said he was.
Related: Hedge fund billionaire and Disney investor Nelson Peltz publishes 133 pages about how Disney should change
Mr. Peltz and Mr. Laszlo launched a months-long, multimillion-dollar campaign to secure seats on Disney’s 12-member board of directors. Mr. Peltz has taken issue with Disney’s business choices and recently financial times On his opinion on recent Disney movie casting.
“There’s no question that Disney is an iconic company, and all we want is for Disney to get back to making great content,” Peltz said during a nearly three-minute speech at the board meeting. .
Peltz noted that this is his second time competing for a board seat. another attempt Last year he will be canceledstated that regardless of the outcome of the vote, Tryon would be watching Disney’s performance.
Before Peltz could finish speaking, Gutierrez interrupted him and told him time was up.
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disney march video called Peltz’s ambitions are “more about vanity than belief in Disney,” and Laszlo is “a former Disney employee who was removed for a promotion nearly a decade ago.” Laszlo has resigned from his position as Disney’s CFO. 2015.
Another hedge fund, Blackwells Capital, also named Craig Hatkoff, Jessica Schell and Leah Solivan to its board of directors, the paper said. Notice of Annual General Meeting.
Mr. Gutierrez announced at the shareholder meeting that Disney would not support Mr. Tryan and Mr. Blackwell’s candidacies.
Instead, Disney proposed 12 directors to the board, and those ultimately selected by shareholder vote were Mary T. Barra, Safra A. Catz, Amy L. Chan, and D. Jeremy. Darroch, Carolyn N. Everson, Michael BG Froman, James P. Gorman, Robert A. Iger, Maria Elena Lagomasino, Calvin R. McDonald, Mark G. Parker, and Delica W. Rice.
The term of each director is one year.
View the Annual Meeting Notice and Proxy Statement. here.