Disney boss wins fight with investor

Disney boss Bob Iger has strengthened his position at the entertainment giant by defeating a billionaire investor. At Wednesday’s annual general meeting, Disney shareholders rejected financial investor Nelson Peltz’s attempt to gain more influence over Disney’s strategy. Neither Peltz nor any other candidate he nominated were elected to the company’s board of directors, Disney announced.

The company Trian, founded by Peltz, holds a stake in Disney worth around $3.5 billion. Among other things, he criticized the high losses in the streaming business and the price development of Disney shares. He accused Iger of wanting to stay at the top of the company for too long. “We won’t lose,” said the 81-year-old Peltz with conviction just a few weeks ago. However, Iger managed to get important major shareholders such as the Disney descendants and “Star Wars” inventor George Lucas behind him.

The 73-year-old Iger was actually retired, but returned to the top job in autumn 2022 to replace his hapless successor Bob Chapek. He now has a contract until 2026. Iger must make the Disney+ streaming service profitable while also navigating the company through the shrinking advertising business on US cable television and uncertainty about the future of the cinema market. He saved around $7.5 billion and cut around 8,000 jobs.

Peltz had also criticized Disney’s creative strategy under Iger. In an interview with the Financial Times, he asked why there had to be a Marvel film only with women in the leading roles or a film only with black actors. The billionaire is known for buying shares in companies and getting management to change course.

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According to information from the business broadcaster CNBC, Peltz received 31 percent of the votes in the vote on the composition of the board of directors. In contrast, Maria Elena Lagomasino, whom he wanted to replace on the committee, got more than 60 percent.