Disney shareholders are voting on the future of leadership at its annual shareholder meeting as a major investor fights to add more board members. 

Billionaire investor Nelson Peltz's Trian Fund Management has been in a proxy fight to try to add board members it backs instead of a slate nominated by the company.

Trian is concerned with succession planning at the company, according to the Wall Street Journal.

Disney has been urging shareholders to re-elect its directors. The voting has been ongoing but will end at the shareholder meeting.

CEO Bob Iger returned to the company in 2022 when he succeeded Bob Chapek, who took over from him in 2022.

Iger had planned to stay for two years but the board has extended his return to 2026.

Critics have complained that the board was letting Iger stay around too long instead of finding a replacement.

Disney has told shareholders that finding a new CEO is a priority.

Big-name shareholders like George Lucas have backed Disney in the fight but ISS, an influential proxy firm has partly sided with Peltz, according to the New York Times.

Along with the CEO issue, Disney faces other headwinds, including reduced revenue in the movie and TV divisions.

The virtual meeting gets underway at 1 p.m. EDT and the voting will start shortly afterward. The final vote is expected to be known by the end of the day but a close vote could be contested.