Disney Founders’ Grandchildren Rally Behind CEO Bob Iger, Rejecting Activist Investor Moves
01 Março 2024 - 8:44AM
IH Market News
In a remarkable show of familial solidarity and corporate
allegiance, the grandchildren of Walt Disney Co founders
(NYSE:DIS), Roy and Walt Disney, have publicly declared their
support for CEO Bob Iger and the company’s board of directors,
amidst the backdrop of mounting pressures from activist investors
aiming to reshape the iconic entertainment conglomerate.
In a forthright open letter addressed to Disney shareholders,
the four grandchildren of Roy Disney – Roy P. Disney, Susan Disney
Lord, Abigail E. Disney, and Tim Disney – voiced their
apprehensions regarding the emerging threats from what they
described as “self-anointed” activist investors. These investors
were metaphorically branded as “wolves in sheep’s clothing,”
perceived as entities poised to dismantle the integrity of the
company.
This declaration emerges amidst Disney’s ongoing proxy battle
with billionaire Nelson Peltz, who has been vocal in advocating for
significant operational reforms within the company. Peltz’s
proposals include stringent cost-cutting measures, the
establishment of a profit model for Disney’s streaming ventures
akin to Netflix, and an overhaul of the company’s succession
planning frameworks.
In an assertive move earlier this year, Peltz’s Trian Fund
Management lobbied for the replacement of Disney board members
Michael Froman and Maria Elena Lagomasino with Peltz himself and
former Disney CFO Jay Rasulo. Trian’s critique of Disney’s
strategic investments, dismissively termed a “spaghetti against the
wall plan,” prompted a detailed rebuttal from Disney, defending its
operational and strategic stance.
The Roy Disney lineage underscored in their letter the critical
importance of allowing the strategies envisioned by Iger and his
executive team to unfold without interference from external
entities driven purely by self-interest.
Echoing this sentiment, the descendants of Walt Disney – Walter
Elias Disney Miller, Tamara Diane Miller, Jennifer Miller-Goff, and
Joanna Sharon Miller – issued a separate open letter, affirming
their unwavering support for Iger and the board, while expressly
opposing Peltz’s nominations.
They lauded Iger’s stewardship of Disney, highlighting his
adeptness in navigating the company through contemporary challenges
while preserving the delicate equilibrium between creative
innovation and financial viability.
In response to these familial endorsements, a spokesperson from
Trian Fund Management underscored the firm’s commitment to
nurturing long-term growth and success in its investment ventures,
citing its constructive engagements with other major corporations
like P&G, Heinz, and Mondelez.
Bob Iger, touched by the support from the Disney founders’
descendants, expressed his profound respect for the legacy
established by Walt and Roy Disney, underscoring the significance
of their backing amidst these tumultuous times for the company.
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