The Walt Disney Company won enough votes from shareholders on Wednesday to fully reelect its board after hedge fund Trian Fund Management tried to have its picks added to the body.
Disney shareholders voted in favor of reelecting the board after Trían and its co-founder Nelson Peltz tried to oust two directors, per CNBC. The results of the vote were revealed during a live broadcast Wednesday of Disney's annual shareholder's meeting.
Disney's board of directors was expected to prevail, according to The Wall Street Journal and Reuters, although the company's victory had not been cemented, since there was a chance that shareholders could change their votes before the meeting.
It is a win for Disney CEO Bob Iger and the board, as they have fought to prevent Peltz and his picks from joining.
Regardless, Trian is likely to have a financial victory, as Disney shares are up nearly 50% from early October, when Peltz said he would try to secure seats.
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