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Walt Disney Co. has emerged victorious in a closely watched boardroom battle against Trian Fund Management, securing enough shareholder votes to maintain its existing board.
According to sources familiar with the matter, despite Trian’s challenges, Disney’s board directors are set to retain their positions.
As of Tuesday evening, sufficient shareholder votes have been cast to place Disney’s board directors ahead of Trian’s two challengers, including Nelson Peltz and former Disney CFO Jay Rasulo.
Additionally, Blackwells Capital, another hedge fund that nominated three board director candidates, failed to sway the vote.
The final result of the board fight is expected to be announced at Disney’s upcoming annual shareholder meeting on Wednesday.
However, the sources caution that last-minute changes in shareholder votes remain a possibility. They requested anonymity ahead of an official announcement.
Representatives for Disney, Trian, and Blackwells declined to comment on the matter at the time of reporting.
While Trian may have faced defeat in the boardroom, Disney’s shares have grown significantly, increasing nearly 50% since Peltz announced a renewed push for board seats in October.
In recent months, Disney has undertaken various strategic initiatives to regain investor confidence, including investments in Epic Games and plans for an ESPN streaming service in 2025. The company has also refreshed its board with two new members.
Trian and Blackwells argued for boardroom changes, citing concerns about Disney’s succession planning, creative direction, and utilization of technology.
Bob Iger, Disney’s CEO, has been tasked with revitalizing the company’s creative franchises, making its streaming business profitable, and navigating ESPN’s digital future.
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