Disney (DIS) has successfully fended off activist investor Nelson Peltz in his quest to secure board seats at the company, officially ending a highly contested proxy battle that has plagued the entertainment giant and its CEO Bob Iger for months.
The company said Wednesday at its annual shareholder meeting that the current Disney board will remain intact following a shareholder vote that gave the company’s slate a win “by a substantial margin.” About 75% of retail shareholders voted in favor of Disney’s current board, according to a source familiar with the situation.
The results represent a win for Disney in the short term as it ends months of uncertainty and distraction for Iger and the company’s management team. But it also means Disney’s board will face much more pressure to deliver results as the company attempts to navigate consumers’ shift away from traditional cable packages…
