Dispute over company leadership: Disney boss Bob Iger prevails against critical investor

Dispute over company leadership: Disney boss Bob Iger prevails against critical investor

[ad_1]

Disney boss Bob Iger has won the dispute with a major investor and thereby strengthened his position at the entertainment company. At the annual general meeting, Disney shareholders rejected financial investor Nelson Peltz’s attempt to have more influence on 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, has a stake in Disney worth around $3.5 billion. Peltz had criticized, among other things, the high losses in the streaming business and the price development of Disney shares. He accused Disney boss Iger of wanting to stay at the top of the company for too long. “We won’t lose,” said 81-year-old Peltz with conviction just a few weeks ago. However, Iger managed to attract important major shareholders such as the Disney descendants and the Star Wars creator George Lucas to get behind you.

Cuts around 8,000 jobs

The 73-year-old Iger was actually already 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 has to Disney+ streaming service profitable while navigating the group through the shrinking advertising business in 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 criticized not only Disney’s business strategy, but also decisions in the creative area. This is what he said in an interview with the Financial Times the question of why there has to be a Marvel film only with women in the main roles or a film only with black actors. The billionaire has already caused a stir in the past by buying shares in companies and getting management to change course.

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.

[ad_2]

Source link