(CercleFinance.com) – Disney announced Wednesday that its shareholders had approved the appointment of the twelve members of the board of directors officially supported by the group, thus thwarting the plans of activist investor Nelson Peltz who sought to obtain two seats on the board .
The information caused the stock to fall by more than 3% yesterday on the New York Stock Exchange, but the action of the American entertainment giant recovered by around 0.4% on Thursday morning.
Disney indicated last night that at the end of its annual general meeting, its shareholders had placed their confidence in the board of directors currently chaired by Mark Parker, the former CEO of Nike, and notably composed of Mary Barra, the current CEO of GM, and James Gorman, the former boss of Morgan Stanley.
This vote puts an end to a ‘proxy fight’ which had lasted for many months, since Trian, Nelson Peltz’s investment fund, had been demanding two seats on the board since the start of the year.
Dissatisfied with Disney’s performance, the Trian fund contests the strategy put in place by the media group and requests the appointment of a new general director with a view to boosting profitability considered to be much lower than that of competitors like Netflix.
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