Disney Emerges Victorious Over Trian in Boardroom Battle

Walt Disney Co (DIS.N) has reportedly secured sufficient shareholder votes to thwart a challenge against its board led by Nelson Peltz’s hedge fund Trian Fund Management, sources familiar with the matter revealed on Tuesday. As of Tuesday evening, enough votes had been tallied to place Disney’s board directors comfortably ahead of Trian’s two challengers, namely Peltz and former Disney chief financial officer Jay Rasulo, the sources disclosed.

Furthermore, Blackwells Capital, another hedge fund that had nominated three board director candidates at Disney, also faced defeat in its endeavor, according to the sources. The outcome of this year’s most prominent boardroom battle is set to be unveiled at Disney’s annual shareholder meeting on Wednesday. However, the sources cautioned that there remains a possibility of shareholders altering their vote. They spoke on condition of anonymity ahead of an official announcement.

Trian and Blackwells contended that fresh perspectives were necessary in the boardroom due to Disney’s purported mishandling of succession planning, a perceived decline in creative innovation, and an alleged failure to effectively leverage new technologies. Meanwhile, Bob Iger, who was enlisted out of retirement in 2022 for a second stint to lead Disney, is actively working to revitalize the company’s creative franchises, ensure profitability in its streaming segment, and forge partnerships to advance ESPN’s digital prospects.