The Walt Disney Company’s Annual Shareholders Meeting was defined by Disney’s proxy fight with Nelson Peltz’s Trian.
Here are some takeaways from the Shareholders Meeting.
Disney defeats Nelson Peltz’s Trian
The biggest story of the day.
Disney defeated Nelson Peltz. Disney shareholders voted to elect all 12 nominees recommended by the Disney Board: Mary T. Barra, Safra A. Catz, Amy L. Chang, D. Jeremy Darroch, Carolyn N. Everson, Michael B.G. Froman, James P. Gorman, Robert A. Iger, Maria Elena Lagomasino, Calvin R. McDonald, Mark G. Parker, and Derica W. Rice. Disney shareholders didn’t elect Nelson Peltz, Jay Rasulo, or any of the Blackwells candidates.
The Walt Disney Company and Peltz’s Trian spent a combined $65 million during this proxy fight, making it the most expensive corporate proxy fight in history.
Peltz lost to Lagomasino by a two-to-one margin, according to CNBC sources. Rasulo lost to Lagomasino by an even larger margin, five votes against for every one for. Definitely wasn’t as close as we once thought.
Nelson Peltz spoke for three minutes at the beginning of the Shareholders Meeting. He used his time to applaud Disney shareholders and praised the company. Peltz however did mention he would be keeping an eye on Disney’s performance. Although it’s hard to imagine Peltz would come back a third time to challenge Disney for a board seat. I also think Peltz provided enough of a scare for Iger and Co. so they will continue to do the necessary work.
Iger hypes ‘Moana 2’ again
Bob Iger likes Moana.
Iger since his return has positioned Moana into a key Disney franchise.
“Three years since her first voyage, Moana is heading out on an epic journey to find and reconnect the people of the ocean,” said Iger. “We can’t wait to take audiences on another amazing journey with Moana and Maui, and we are excited to confirm that both Auli‘i Cravalho and Dwayne Johnson are back reprising their roles.”
“Moana remains an incredibly popular franchise,” Iger continued. “The original film from 2016 recently crossed 1 billion hours streamed on Disney+ and was the most streamed movie of 2023 on any platform in the U.S.”
Iger specifically took the time to highlight Moana 2 and Inside Out 2 during his remarks. It’s clear Disney is banking on these two films to do well. Iger even mentioned the live-action remake is still in development as well.
Avatar concept art for Disneyland Resort
Iger during his brief remarks also revealed a piece of concept art for a potential Avatar experience at Disneyland.
“We’re thrilled about many potential new stories that our guests could experience at Walt’s original theme park, including the opportunity to embark on all-new Avatar adventures with a visit to the world of Pandora,” Iger said. “Our Imagineers have been hard at work dreaming up what guests might expect.”
The concept art is the Metkayina Village from Avatar: The Way of Water, and it looks like the concept is a boat ride likely utilizing the same ride system that Shanghai Disneyland’s Pirates of the Caribbean uses.
I’m assuming depending on the DisneylandForward vote, we will get an official confirmation about the Avatar/Disneyland project here soon.
Iger’s Q&A Lacked The Chaos of Years Past
Bob Iger’s Q&A was pre-recorded, and the questions were not asked by the people who thought of them…
So this wasn’t the chaotic Q&As of years past. Thankfully, Disney’s new method of doing things keeps the crazy culture war stuff out of their presentation. But their new method also lacks the randomness of shareholders like someone asking about a Disney Premier Passport or Song of the South. The random questions were always fun tot see.
Iger’s Q&A had some good questions but there wasn’t anything groundbreaking. The biggest by far was Iger addressing Universal Epic Universe, which we will address in the next segment.
Iger didn’t have any significant answers. The last question about Taylor Swift felt so choreographed too. I understand Disney’s hesitancy though about doing live questions. People tend to ask stupid and unhelpful questions.
It really feels like they are saving answers for D23 in August.
Iger addressed Epic Universe
Iger revealed that Disney knew about Epic Universe, 10 years ago. He then cited all the attractions that Walt Disney World had built during that time frame. Iger believes staggering new additions was the best way to go about things. Truthfully, Iger can respond to a question like this better come August once Disney announces projects for the Disney Parks and specifically Walt Disney World.
People who want Disney to respond with a “fifth park” need to realize that Walt Disney World has bigger fish to fry, and last time I checked this is Universal’s third park. Walt Disney World has four.
I have a bigger piece about Disney’s response to Epic Universe in the works, and I think my biggest takeaway is that Disney’s strategy will be calculated. They have significant opportunities at all four parks, the power of nostalgia, and the ability to create compelling deals and offers. In short, Walt Disney World will be fine.
Bob Iger ended the shareholders meeting by addressing Disney’s values in a changing world.
“And our company, like our storytelling, has always been a force for good in the world,” Iger said. “That’s why Disney is dedicated to conducting our businesses with clarity of purpose and a deep sense of integrity, as we strive to have a positive impact in the communities in which we operate.”
Iger mentioned the work Disney does with children’s hospitals around the world, Disney’s Heroes Work Here initiative, which has resulted in the hiring of more than 13,000 veterans since 2012; and Disney Aspire, which covers tuition for eligible hourly and part-time Disney employees looking to pursue higher education.
“All of this ongoing work is part of our overarching commitment to being a responsible citizen of the world,” Iger said.
Iger then wrapped up his remarks by thanking Disney Cast Members around the world, saying “It is a true privilege to lead this remarkable company at this pivotal moment.”
“I’ve often said that one of the greatest attributes of Disney is the mere fact that people expect so much from us. ‘What will they think of next,’ you might hear someone say, or ‘Only Disney can do that,’” Iger continued, “We welcome that challenge because it motivates us and energizes us to always be bold in everything that we do, and to exceed your highest expectations.”
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Zach Perilstein is the Editor-in-Chief of the Boardwalk Times
