Disney Shareholders Overwhelmingly Support Iger, Board Despite Lingering Challenges

Walt Disney shareholders delivered overwhelming support for CEO Bob Iger and the company's board, defeating Nelson Peltz's bid for a board seat. Peltz received just 31% of the vote while 94% of shareholders backed Iger.

Despite the win, Disney still faces major challenges including making streaming profitable, finding a successor for Iger, and addressing simmering shareholder discontent.

The proxy fight revealed divisions at Disney not seen since Michael Eisner's departure, though analysts said the strong shareholder endorsement was a mandate for Iger's leadership.

Disney likely spent up to $40 million defending against Peltz, but was able to leverage its marketing and PR savvy to prevail against the billionaire activist investor.

Iger said the "distracting proxy contest" was behind Disney, which would now focus 100% on creative excellence, value creation for shareholders and its turnaround plans.