Disney Releases Official Vote Tallies from 2024 Shareholders Meeting, Showing 9 of Its 12 Board Candidates Each Received More Than 90% Shares Cast in Their Favor
09.04.2024 - 21:31
/ variety.com
Todd Spangler NY Digital Editor Disney released the official vote counts from its 2024 meeting of shareholders held April 3 — in which investors decisively defeated a campaign by activist investor Nelson Peltz to win a seat on its board. According to the votes disclosed in an SEC filing Tuesday, nine of the Disney-backed director candidates received more than 90% of the shares voted in their favor.
The highest totals were received by Disney’s two newest directors, appointed last November — Morgan Stanley executive chairman James Gorman (98%) and former Sky CEO Jeremy Darroch (96%) — and former Cisco and Google exec Amy Chang (96%). Disney CEO Bob Iger, as previously reported, received 94% of shares voted in his favor.
The lowest vote totals in favor of their reelection were the two incumbent Disney board members targeted by Peltz’s Trian Partners for removal — Maria Elena Lagomasino (63%) and Michael Froman (88%) — alongside Disney chairman Mark Parker (88%). Peltz, head of hedge fund Trian Partners, whose holdings include 30 million shares owned by ex-Marvel Entertainment chair Ike Perlmutter, garnered 31% of shares voted in his favor.
Jay Rasulo, the former Disney CFO whom Trian also had nominated for a board seat, won 12% of votes cast in his favor. Although Peltz lost the proxy fight, he warned that he would take up the crusade again if Disney didn’t follow through on its pledges, including to move quickly on the CEO succession process to name a replacement for Iger (whose contract extension is up at the end of 2026).
“We will watch like we did last time,” Peltz said in an interview on CNBC on April 4. “We’ve got a new set of promises, and I hope they keep them… but if they don’t, you’ll see me again.” Meanwhile,
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