Corporate power struggle driven by Disney going woke.

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It’s official: Disney shareholders shot down activist investor Nelson Peltz’s effort to win seats on the Mouse House’s board of directors. Investors voted to reelect all 12 of the company-backed board members, including CEO Bob Iger, ending the most expensive corporate proxy fight in history.

The voting results for Disney board candidates were announced Wednesday at the company’s 2024 meeting of shareholders, held virtually. Peltz, who heads investment firm Trian Partners, failed to get enough votes in his favor to clinch a board seat (as did Trian’s other nominee, ex-Disney Jay Rasulo).

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Horacio Gutierrez, Disney’s senior EVP, chief legal and compliance officer, who oversaw the proceedings at the meeting, said that the preliminary vote tabulations showed Disney’s 12 directors had won reelection by a “substantial margin.” (See the full list below.) He said the final vote counts will be disclosed in subsequent meeting minutes.

According to the preliminary results, Iger won reelection with 94% of the votes cast in his favor — while Peltz got just 31% and Rasulo got even less. Maria Elena Lagomasino, the incumbent Disney director whom Trian had urged investors to kick off the board (along with board member Michael Froman), received twice as many votes as Peltz and five times as many as Rasulo.

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