Walt Disney Company DIS announced Wednesday afternoon that all 12 board nominees had won re-election following its annual shareholder meeting. Disney CEO Bob Iger joined CNBC's “Squawk on the Street” Thursday to discuss the company's victory in its proxy battle against activist investors.
What Happened: Iger expressed relief over the outcome of the “distracting" proxy fight, which "diluted" his time and attention away from core business priorities and forced the CEO to defend his company. Iger also shared suspicions that the proxy battle was, at least partially, a personal attack on him by activist investor Nelson Peltz.
"I think there probably was, to some extent, a degree of personal animus that was on the table here," the Disney CEO shared.
Iger revealed that both he and Disney's board of directors were concerned that if Peltz had obtained a seat on the board, he would have been a “distraction,” and even “destructive” to the company.
"He didn't bring any new ideas, and he wouldn't have an impact on the company that we deemed was going to be positive," Iger disclosed.
Why It Matters: Iger said the most positive aspect of the proxy battle was the engagement and communication between Disney’s board of directors, executives and the company's shareholders which revealed all parties shared the same priorities for the company.
The Disney CEO noted that his focus moving forward will be on the quality of Disney's films, profitability of its streaming business, the future of ESPN and the growth of Disney parks and resorts.
"I can spend all of my time with the management team and the board, on executing against those priorities because they are really important," Iger said.
DIS Price Action: According to Benzinga Pro, Disney shares were up 0.73% at $119.85 at the time of publication Thursday.
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