Disney CEO Bob Iger appears to be losing the battle of his life.
Iger, as we reported previously, is struggling to keep control of Disney’s Board. Nelson Peltz is his primary opponent. He is the CEO of Trian Partners. Trian Partners has a reputation for revitalizing sinking companies with new ideas and plans.
Both sides have been gaining allies. However, Peltz appears to be winning the battle with his various power infusions in the form both of control of stocks and good public relations. Iger is also trying to do the same thing but without much fanfare. Iger’s stock in Disney has been sold off in large quantities, indicating that there is little trust in him.
According to Reuters, the Institutional Shareholder Services, an influential proxy advisory company, has recommended that shareholders support Peltz.
ISS acknowledged Disney’s positive changes in operations and the addition of two new directors after Iger was dragged out of retirement by Disney to take over as CEO again in 2022.
The report stated, “Iger’s returning may have been enough to plug the gaps, and management has taken several actions since to plot a more positive course.”
It also blamed the Board for failing to recognize issues early enough and correct them.
ISS argues that more external oversight is needed and Peltz who has served as a board member of many public companies is the best person to ensure Disney will “not run aground after Iger’s departure”. His contract expires at the end of 2026.
The voting will take place on April 3. At stake is the very heart and soul and the future of Disney, a company that has radically shifted to the left over the last few years. The company’s movies have not been a big success at the box office, and most of them disappoint the entertainment conglomerates’ accountants.
Disney is losing billions in revenue as its streaming service loses subscribers. The offerings that it keeps putting out don’t give many people a good reason to return. The recent trailer of the new Star Wars series “The Acolyte”, as previously reported, was met with mockery since it was obvious that the show and the company would continue to follow the same path of leftist ideas.
Marvel and Pixar are also struggling with a lackluster audience and poor box office sales.
Iger and his current board are not in a good light. Shareholders will soon make their displeasure clear. Peltz may not win, but the walls are closing in on Iger.
Disney’s problems won’t immediately be cured if Peltz wins the fight. The real battle to restore magic will start then.
