The Disney shareholders had a chance to at least try changing course, and they rejected it.
Disney (DIS) has successfully fended off activist investor Nelson Peltz in his quest to secure board seats at the company, officially ending a highly contested proxy battle that has plagued the entertainment giant and its CEO Bob Iger for months.
The company revealed the news during its annual meeting of shareholders on Wednesday, confirming the current Disney board will remain intact following a shareholder vote that gave Disney a win “by a substantial margin.” About 75% of retail shareholders voted in favor of Disney’s current board, according to a source familiar with the situation.
Disney’s stock traded lower immediately following the results, with shares down more than 1%.
The results of the vote lend additional credence to the notion that once a corporation is completely converged, there is no way out except bankruptcy. The Disney executives will continue doubling down until their fate is sealed, assuming that it isn’t already.
