Walt Disney Co. investors turned back calls for a future split of the two top jobs held by Chairman and Chief Executive Officer Robert Iger, rejecting the demands of three state pension funds.
Sixty-five percent of shareholders voting opposed the split, Disney said today at its annual meeting in Phoenix. The company's executive compensation and bonus plans passed, and Iger was re-elected to the board with 98 percent support.
Investors in Disney, the world's largest entertainment company, were considering a proposal by the Connecticut Retirement Plans & Trust Funds to split the roles of chairman and CEO going forward. Iger, who plans to step down as CEO in March 2015, led Disney to a 76 percent total shareholder return for the fiscal year ended in September, the company has said.
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