Disney has won a proxy fight with an investor as shareholders re-elected all 12 directors during the company's annual meeting on Wednesday.
Billionaire investor Nelson Peltz's Trian Fund Management had challenged CEO Bob Iger with two of its own board members instead of the slate nominated by the company.
Peltz and his ally, former Disney chief financial officer Jay Rasulo, who had sought seats on the company's board, according to the Associated Press.
The vote overwhelmingly went to the Disney slate of candidates, according to CNBC.
Reporter Alex Sherman reported Peltz lost by a two-to-one margin for the seat he was attempting to gain.
Rasulo reportedly lost by an even larger margin.
"I want to thank our shareholders for their trust and confidence in our Board and management," Iger said in a statement. "With the distracting proxy contest now behind us, we're eager to focus 100% of our attention on our most important priorities: growth and value creation for our shareholders and creative excellence for our consumers.
Trian had said it was concerned with succession planning at the company, according to the Wall Street Journal.
Tritan issued a statement after the vote saying it was "disappointed with the outcome."
CEO Bob Iger returned to the company in 2022 when he succeeded Bob Chapek, who took over from him in 2022.
Iger had planned to stay for two years but the board has extended his return to 2026.
Critics have complained that the board was letting Iger stay around too long instead of finding a replacement.
