Disney shareholders have voted to support Chief Executive Bob Iger and the company’s board of directors, effectively concluding a contentious battle initiated by activist investors Trian Fund Management and Blackwells Capital.
The vote, announced during Disney’s annual shareholder meeting on Wednesday, reaffirmed the positions of all 12 current board members, effectively rejecting the campaign launched by the activist investors who had criticized the entertainment conglomerate for underperforming in the streaming-television era.
Here’s a summary of the key events in the boardroom saga:
- Oct. 7: Activist investor Daniel Loeb urges Disney to forego paying dividends and allocate cash towards creating and acquiring more content for Disney+.
- Oct. 12: Disney restructures its media and entertainment businesses to accelerate the growth of Disney+.
- May 16: Third Point liquidates its position in Disney, two years after initially investing and advocating for increased spending on the streaming platform.
- Aug. 15: Third Point reveals a roughly $1 billion stake in Disney and announces plans for strategic changes.
- Sept. 30: Disney reaches a truce with Third Point, appointing Carolyn Everson to the board.
- Nov. 21: Bob Iger returns as CEO of Disney less than a year after his retirement.
- Dec. 8: Disney launches the ad-supported version of Disney+.
- Jan. 12: Activist investor Nelson Peltz launches a bid for a board seat at Disney.
- Jan. 17: Disney defends its board’s decision to deny Peltz a seat.
- Feb. 8: Disney announces restructuring and job cuts to streamline operations.
- Feb. 9: Peltz ends his proxy fight against Disney.
- Mar. 21: Proxy advisory firm ISS recommends electing Peltz to the board.
- Mar. 28: Blackwells sues Disney for possible disclosure violations.
- Mar. 29: CalPERS votes to elect Trian’s director candidates to Disney’s board.
- Apr. 1: T. Rowe Price and BlackRock support Disney’s board.
- Apr. 2: Vanguard Group, Disney’s largest shareholder, votes to support the incumbent directors.
- Apr. 3: Disney shareholders endorse CEO Iger and other directors at the annual meeting.
This sequence of events encapsulates the journey of Disney’s boardroom battle, culminating in shareholders’ reaffirmation of support for the company’s leadership and direction.
