Bob Iger, CEO of The Walt Disney Company, speaks during the grand opening ceremony of the Shanghai Disney Resort’s Zootopia-themed attraction at the Shanghai Disney Resort on December 19, 2023 in Shanghai, China.
Visual China Group | Getty Images
Disneys Its largest shareholder, index fund manager Vanguard, plans to support the management of Nelson Peltz’s Trian Partners in Wednesday’s board vote, Bloomberg News reported on Tuesday, citing unnamed people familiar with the matter.
Institutional shareholders have until Wednesday to change their vote. Vanguard owns 7.8% of Disney shares. Black rockDisney’s second-largest shareholder with 4.2% of shares also backs incumbent board and CEO Bob Iger, the Wall Street Journal reported Monday.
It would be a major blow to Peltz’s ambitions to join Disney’s board if both Blackrock and Vanguard continue to back the media company’s candidates. Only State Street and Geode Capital Management, the company’s third and fourth largest shareholders respectively, would remain as unknowns.
Through an agreement with former Marvel chairman Ike Perlmutter, Trian owns 1.8% of Disney shares, making it the fifth largest shareholder. Retail investors have until 11:59 PM ET on Tuesday to cast their votes by phone or online.
Trian has received support from other smaller shareholders, including Neuberger Berman and CalPERS. Disney, in turn, has called on some of the most prominent names in the business and media world, including JPMorgan Chase CEO Jamie Dimon and Star Wars creator George Lucas.
Disney’s shareholder meeting begins Wednesday at 1:00 PM ET.
Vanguard declined to comment to CNBC.
Read the full Bloomberg report here.