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In a battle much more reminiscent of Succession than Fantasia, Disney’s kingpin Bob Iger turned back activist investors who attempted to wrest control of the company away from him on Wednesday in a dramatic shareholder vote.
The vote, which was preceded by vicious campaigning in which both sides spent tens of millions of dollars to sway shareholders, served to solidify Iger’s control over Disney and its direction. A Disney representative said during the livestreamed meeting that Iger’s contingent had won by “substantial margin.” His main antagonist, the billionaire corporate raider Nelson Peltz, had argued that Disney was becoming too “woke” and was failing its shareholders.
Bob Iger has led Disney through multiple eras since becoming CEO in 2005. He spearheaded Disney’s acquisitions of Pixar, Marvel and Lucasfilm, expanded its theme park footprint, and pushed the company into the streaming era with Disney+. He has shown a reluctance to relinquish his ironclad grip on the company: He stepped down in 2020 in favor of his handpicked successor, Bob Chapek, only to return two years later. He’s since vowed to relinquish his position in 2026.
Read More: TIME Businessperson of the Year 2019: Bob Iger
His antagonist Peltz, a corporate raider who previously led campaigns to shake up PepsiCo, P&G, and Wendy’s, has been agitating for Disney to shift its approach for several years. Had Peltz secured a victory, he might have fundamentally reshaped the direction of the company and its priorities. Peltz’s hedge fund Trian Fund Management owns over $3 billion worth of common stock in Disney. In his effort to gain a board seat this year, he sharply criticized the box office performance of Disney’s recent tentpole movies, including The Marvels and Ant-Man and the Wasp: Quantumania, which faced lukewarm reviews and superhero fatigue.
Disney has had a topsy-turvy last few years at the stock market. The company’s stock is currently $118, which is down…
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