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Abigail Disney has long been one of the outspoken critics of Disney CEO Bob Iger. She called him “out of touch,” and “disappointing,” and accused him of leaving the planet for two years, only to not understand the world her returned to.
However, with the Walt Disney Company facing a proxy battle from activist investor Nelson Peltz for Abigail Disney and the rest of Walt and Roy Disney’s grandchildren, the enemy of my enemy has become their friend.
Credit: New York Communities For Change
The nine grandchildren of Roy and Walt Disney, including Abigail Disney, sent an open letter to Disney shareholders urging them to support Iger and resist Peltz’s attempt to overtake the Disney Board of Directors.
The letter, obtained by the New York Times, says:
As the family of Walt Disney, we support the Walt Disney Company management and its board of directors, and oppose the nominations put forth by Nelson Peltz. There have been challenging times, but this current management has adjusted and grown through those challenges…What concerns us most about these hedge-fund backed opportunities is they have little or no knowledge of what Disney truly means to people like you.
The two letters, one from Roy Disney’s grandchildren and another signed by Walt Disney’s grandchildren, referred to Peltz and other activist investors like him as “wolves in sheep clothing.”
Credit: Disney
Activist investor Nelson Peltz owns approximately $3 billion of Disney shares through his Trian Partners. He has also teamed with former Marvel Studios boss Ike Perlmutter to allow Trian to control his shares as well.
Peltz is seeking two seats on the Disney Board of Directors, one for himself and one for former Disney CFO James Rasulo.
In response, Disney selected 12 people to sit on its Board, including Bob Iger, and urged investors to reject Peltz, claiming he has no media industry experience.
Peltz is seeking a shift in the way the company does business to make it more profitable. This is his second proxy battle at Disney. The first ended with Bob Iger agreeing to lay off thousands of employees to save the company more than $5.5 billion. But it appears that Peltz won’t be so easily dissuaded from this battle with Iger and Disney.
The New York Times reached out to Roy P. Disney, who told the paper of record that investors like Peltz and his Trian Fund Management are only interested in a quick profit and not the Disney magic.
NEW: Here are the two open letters from the grandchildren of Walt Disney and Roy Disney addressed to shareholders of The Walt Disney Company. Both letters are in support of Iger and the board (first reported by @brooksbarnesNYT) pic.twitter.com/PFdAbuOBM8
— Scott Gustin (@ScottGustin) February 29, 2024
The Disney family has not been involved in managing the Walt Disney Company since 2003 when Roy E. Disney stepped down. Before he left, though, he led a shareholder revolt against CEO Michael Eisner. That revolt would clear the way for Bob Iger to become Disney CEO.
It appears for now that Iger once again has the Disney family in his corner. The shareholders will make their decision on April 3 at their annual meeting.
What do you think of the Disney Family’s letters to shareholders? Let us know in the comments.
I think DISNEY’s grandchildren, the Board of Directors, Iger, and the share/stock holders have no clue in keeping Walt’s dream of family fun and values alive! It’s all about money. Disney has become so Woke, expensive, filthy, and the class of people that go to the parks are low life’s. In all my years of going and working at Disney, I have never experienced filthy hotel rooms, and people cutting in lines, fighting, and using rides or lines like a toilet, cursing at staff and others. All the enjoyment and fun has left Disney, and Walt must be turning in his grave! You don’t have to work or have experience in the entertainment business to run theme parks like Disney. Give me the job for 1 year, and I will change it back to the way it originally was.
Way to go Disney Grandchildren! Keeping the magic alive which none of these corporate yahoos know about it’s all about the money and who pays for their profits in the end? We do!