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New Report Shows Just How Badly Disney’s “Bully” Billionaire Was Beaten

New report shows how badly Nelson Peltz lost
Credit: Disney/ Devonshire of Palm Beach Instagram/ Canva

For fifteen years, Disney CEO Bob Iger was one of the golden boys of the entertainment and theme park industries. He was responsible for bringing Disney to another level with its purchases of Pixar, Marvel, and Lucasfilm. He was also responsible for the expansion of Disney theme parks into Asia, with the opening of Hong Kong Disney in 2005 and the Shanghai Disneyland Resort in 2016. Mr. Iger was also incredibly popular with both Disney cast members and guests.

shanghai disneyland park castle

Credit: Disney

In February 2020, Iger stepped down as CEO and Bob Chapek took his place. As we all know, that did not go very well. Chapek was fired after less than three years at the helm, and Iger — who had been serving as Executive Chairman — stepped into the role he knew so well.

Unfortunately for Mr. Iger, things were not the same as they were when he stepped away as CEO. In the year and a half since he has been back, it seems like he has been constantly fighting for the company he spent over half of his life at. He has had to deal with a struggling Disney+, failing cable channels, box office flops, angry theme park guests, and one billionaire aiming for a hostile takeover.

Bob iger villain Walt disney company ceo chief executive officer bob Chapek disney villain Robert iger Robert a iger chairman

Credit: Disney

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Twice since Iger’s return, Trian Fund Management CEO and activist investor Nelson Peltz has attempted to get himself on Disney’s Board of Directors. The first time, he gave up rather quickly, but the second time, he was much more determined. He claimed that shareholders had given Iger ample time to “right the ship,” but he had failed.

On April 3, Disney shareholders voted on the company’s Board of Directors and decided that they supported Bob Iger and his allies, and they soundly rejected Nelson Peltz and his ally Jay Rasulo, Disney’s former CFO.

nelson peltz

Credit: Milken Institute, Flickr

And now, a new report is showing just how badly Nelson Peltz lost.

According to a new filing with the Securities & Exchange Commission (SEC), nine out of Disney’s twelve board members received a “Yes” vote from more than 90% of the votes of the shares cast. 94% of the votes cast were in favor of Bob Iger remaining on Disney’s board.

Nelson Peltz and Jay Rasulo, on the other hand? Well, they failed. And failed big time. Mr. Peltz received a “Yes” vote from only 31% of the shares cast. Jay Rasulo received a “Yes” from only 12% of the shares cast for a board seat.

Disney Bob Iger commits 100million to improving patient experience

Credit: Disney

After the vote, Mr. Peltz said that he was proud of the work Trian Partners had done in getting Disney shareholders to take a more critical look at the company. He said the company would continue to watch Disney’s performance and, in an interview with CNBC, said that he would launch another proxy fight should Iger not keep his promises:

“I hope Bob can keep his promises. I hope they can do all the things they assured us they were going to do and we’ll only watch and wait,” he said. “If they do it, they won’t hear from me again. If they don’t, Jim, you may be seeing me on your show next year doing this same thing again. So it’s really up to management, it’s up to the board, it’s up to whether they do what they say they are going to do, or if it’s the same old story again.”

bob iger disney parks

Credit: Disney Parks Blog

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With the proxy fight behind him, Iger said that the company is one hundred percent focused on creating great content for its fans. The company is also investing billions in its theme parks. He also shared that there is more focus than ever on finding the right successor. Iger’s CEO contract is set to end in December 2026.

Are you shocked to see just how badly Nelson Peltz lost? Let us know in the comments!

About Krysten Swensen

A born and bred New England girl living the Disney life in Southern California. I love to read, to watch The Golden Girls, and love everything to do with Disney and Universal. I also love to share daily doses of Disney on my Disney Instagram @BrazzleDazzleDisney!

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