Disney shareholders reject proposal to split CEO, chair jobs

(Reuters) Walt Disney Co shareholders re-elected Chief Executive Bob Iger and nine other board members on Wednesday and rejected a proposal by investors to separate the roles of chairman and CEO in 2016, when Iger plans to step down as chairman and leave the company.

Shareholders of the media and theme-park giant defeated the proposal from Connecticut State Treasurer Denise Nappier, a Disney investor through the state’s employee retirement funds, to split the CEO and chairman’s jobs.

About 35.3 percent of ballots cast supported the plan, according to figures reported at the company’s annual shareholder meeting in Phoenix.

The results were preliminary, based on votes submitted before the meeting.

Disney shareholders also rejected a shareholder proposal that allows nominees by larger shareholders to be placed on the proxy ballot. In a nonbinding vote, shareholders approved the company’s executive compensation packages.

Iger has served as Disney’s CEO since 2005 and is due to step down from the role in March 2015. The board gave him the added title of chairman at the 2012 annual meeting, where he was elected by shareholders.

Disney shares slipped 0.2 percent to $56.36 in afternoon trading on the New York Stock Exchange.

(Reporting by Lisa Richwine; Editing by Phil Berlowitz and Bernadette Baum)

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