More Disney Drama Raises Questions about Bob Iger’s Second Turn on the CEO Hot Seat

Activist Investor Nelson Peltz’s renewed bid for a seat on The Walt Disney Company’s board of directors may suggest trouble for Mouse House CEO Bob Iger, who has faced a hailstorm of bad news since his return to the corner office.

Iger's second life as Disney CEO began in July after Bob Chapek was fired from the role after just seven months. Iger said he will remain as chief executive until 2026.

Now, Disney employees have told Bloomberg that in Iger's second round at the helm, he is “overwhelmed and exhausted.”

It has been a tumultuous several months for Iger, from the Hollywood writers’ and actors’ strikes to tanking shares and a public face-off with Spectrum parent Charter Communications.

Peltz, co-founder of Trian Fund Management, now holds more than $2.5 billion worth of shares in the entertainment giant, The Wall Street Journal reported. In January, Peltz, who did not support Iger’s return, started a “proxy contest” when he put himself forward for a seat on the board.

A month later, Trian withdrew its nomination of Peltz after Disney announced that it would be making changes to its organizational and operating structures to cut costs and increase profitability.

Ike Perlmutter, chairman of Marvel Entertainment and owner of about $2 billion worth of Disney shares, was fired after lobbying for Peltz to join Disney’s board, according to Bloomberg. However, Iger said the termination wasn’t related to his support for Peltz.

But now, Peltz could be at it again — and Iger may be in a considerably weaker position than he once was. For starters, Iger received widespread criticism, including from Disney heiress Abigail Disney, following his comments that the Writers Guild of America's demands for better pay and working conditions were “not realistic.”

Despite playing hardball with the writers, Iger and other studio executives ultimately agreed to almost all of their requests to end the nearly five-month-long strike.

SAG-AFTRA is still in negotiations with studios. Last week, Disney visual effects workers unanimously voted to unionize, following in the footsteps of Marvel’s VFX crew.

In September, Spectrum parent Charter Communications and Disney reached an agreement after Disney rejected a $2.2 billion deal from Charter and yanked its 26 channels, including ESPN, from the cable provider.

Disney’s shares are now valued at $85.12, down significantly from highs of around $110 early this year. In an effort to raise profits and shareholder value, Disney announced last month that it would invest nearly $60 billion in its parks, experiences and products division over the next decade — nearly doubling its investment in the lucrative sector compared with the prior decade.

Last summer, Iger has sought out former executives Tom Staggs and Kevin Mayer as consultants — both of whom had been rumored succession candidates.