Disney (DIS) activist investor Nelson Peltz has fought for a board shake-up on the firm for months. Traders will quickly discover out if he gained.The outcomes of a shareholder vote to pick out board members are anticipated to be introduced on the leisure big’s annual stockholders assembly on Wednesday, though it is attainable a last-minute deal between the 2 sides might emerge earlier than then. Voting formally closes the day of the assembly.It is a essential second for Disney as the corporate makes an attempt to navigate shoppers’ shift away from conventional cable packages into principally unprofitable streaming companies. The corporate additionally faces succession questions with CEO Bob Iger’s contract set to run out on the finish of 2026.Peltz, who just lately secured the help of influential proxy advisory agency Institutional Shareholder Companies (ISS), is searching for board seats for himself and former Disney CFO Jay Rasulo. Peltz’s hedge fund Trian Fund Administration owns $3 billion of widespread inventory in Disney.Peltz is aiming to switch two present board members: former Mastercard govt Michael Froman and Maria Elena Lagomasino.Nelson Peltz, founding associate of Trian Fund Administration, speaks on the WSJD Reside convention in Laguna Seashore, Calif., October 25, 2016. (Mike Blake/REUTERS/File Picture) (Reuters / Reuters)In a number of shows and open letters, Trian cited the lack of tens of billions in shareholder worth, a drop in consensus earnings estimates for the following two years, and disappointing studio content material as a number of the causes for its push.Disney, which has acquired backing from the high-profile proxy agency Glass Lewis, has defended each Froman and Lagomasino, describing the duo as “extremely valued and engaged members of the board” in a press release to Yahoo Finance.The corporate has mentioned it is made “important progress” in turning round its enterprise. Some adjustments have included the implementation of an ad-supported tier for its streaming service Disney+ along with worth will increase on its streaming companies and theme parks and password-sharing crackdowns.Traders have reacted positively to the adjustments, sending Disney’s refill greater than 30% this 12 months.Story continuesSuccession at core of proxy fightSuccession has been a selected sticking level for Peltz and his backers following the messy ousting of former CEO Bob Chapek in 2022. Chapek’s tenure was riddled with controversy — from political battles and A-list expertise issues to controversial reorganizations and the ever-looming shadow of Iger, who spoke out towards a few of Chapek’s selections even previous to his return.”What stays lacking is tangible progress in direction of succession to present buyers adequate confidence that the corporate won’t run aground after Iger departs, and in doing so, keep away from future mutinies,” ISS wrote in its pro-Peltz suggestion earlier this month.Disney has maintained that it is “actively engaged within the high-priority work of succession planning.””Every inner candidate goes by way of a rigorous preparation course of,” the corporate mentioned in a letter to shareholders. “This contains mentorship from Bob Iger and exterior teaching, engagement with all Board administrators, and complete evaluations of every candidate.”Disney has not but named the inner candidates it is contemplating for the place; nevertheless, ISS famous the board has highlighted the work of sure management members, together with Alan Bergman and Dana Walden, co-chairmen of Disney Leisure; Josh D’Amaro, chairman of Disney Experiences; Jimmy Pitaro, chairman of ESPN; and Asad Ayaz, the corporate’s chief model officer.Different activists be part of the fightOutside of ISS, Peltz has additionally acquired the backing of notable shareholders, like fellow activist investor Ancora.Moreover, greater than a dozen present and former public firm administrators despatched a letter to Disney’s board final week in help of Peltz and his Trian Fund.In the meantime, ValueAct Capital has come out towards Peltz, giving Disney an additional enhance in combating off the billionaire investor. The activist entered into an information-sharing settlement with Disney, which ensures it should help the media big’s beneficial slate of board nominees in alternate for info.JPMorgan CEO Jamie Dimon has additionally publicly endorsed Disney’s present board, together with Bob Iger’s management. Notably, the financial institution is presently serving as a defensive adviser to the media big.Disney has additionally acquired backing from filmmaker and “Star Wars” creator George Lucas; the grandchildren of Walt Disney and his brother Roy; and Laurene Powell Jobs, the widow of Apple CEO Steve Jobs and a longtime investor within the firm.Along with Peltz, Disney is dealing with strain from activist Blackwells Capital, which helps the corporate’s present board however has urged shareholders to vote for its three nominees as additions to it.With contributing reporting from Yahoo Finance’s David Hollerith.Alexandra Canal is a Senior Reporter at Yahoo Finance. Comply with her on X @allie_canal, LinkedIn, and electronic mail her at alexandra.canal@yahoofinance.com.Click on right here for the most recent inventory market information and in-depth evaluation, together with occasions that transfer stocksRead the most recent monetary and enterprise information from Yahoo Finance