Activist investor Nelson Peltz on Thursday ended his quest for a board seat at Walt Disney Co after Chief Executive Bob Iger laid out plans to fix the home of Mickey Mouse, cheering investors.
for bungled succession planning, overpaying for new assets and runaway costs.
As recently as last week Peltz was trying to rally shareholders to vote him onto Disney's board, arguing that he had the experience, after sitting on 11 boards, to help turn the company around. DisneyThe proxy contest was shaping up as one of the year's most contentious, pitting a billionaire investor against a chief executive who was widely admired in Hollywood.
"Our new structure is aimed at returning greater authority to our creative leaders and making them accountable for how their content performs financially," Iger told investors on Wednesday. "Our former structure severed that link, and it must be restored." As part of the restructuring, Rebecca Campbell, head of International Content and Operations, is leaving the company after 25 years. Iger commended her in a memo on Thursday.
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