Former Disney CEO Michael Eisner has jumped into the fray of the ongoing proxy fight that is predominantly between Disney CEO Bob Iger and Nelson Peltz (and his Trian Group). This fight is over the future of The Walt Disney Company and the Board of Directors that will lead it. Disney has laid forth its slate of twelve nominees for its Board of Directors. Nelson Peltz and his Trian Group would like to see Peltz himself and former Disney executive Jay Rasulo take two of the spots on the board. In recent days, there has been a growing chorus of support for Bob Iger’s leadership. This has included people like former Walt Disney Imagineering President Bob Weis, George Lucas, Josh Gad, and Laurene Powell Jobs.
In a statement on X today, Michael Eisner voiced his support for Bob Iger and encouraged shareholders to remember the lesson from 40 years ago. He also stressed the importance of bringing in people with industry experience, something that Nelson Peltz does not have. He wrapped up his statement by saying that the company is in excellent hands and encouraging Disney shareholders to vote for the nominees that Disney put forth. Here is is full statement:
As I told
@dealbook, in 1983, Disney was under attack by corporate raiders trying to take over the company. That would have ended the Disney Company as we know it, for the studio, theme parks, and hotels were suggested to be sold off. The board turned to me and Frank Wells, and a different story was written, one that was continued by Bob Iger and his executive team. Today, a similar situation exists, so let’s remember the lessons from 40 years ago. Bringing in someone who doesn’t have experience in the company or the industry to disrupt Bob and his eventual successor is playing not only with fire but earthquakes and hurricanes as well. The company is now in excellent hands and Disney shareholders should vote for the Disney slate.
@Michael_Eisner
The statement comes after the proxy fight recently escalated. Nelson Peltz and his Trian Partners released a 133-page white paper where he outlined his demands for Disney to restructure its leadership, overhaul Disney’s linear television channels, and also achieve Netflix-like margins of 15% to 20% by 2027 with its streaming services. Some of these demands are already being implemented by Disney. Nelson Peltz and Trian Partners would also like to see both Peltz and former Disney executive Jay Rasulo placed on Disney’s Board of Directors.
Following the release of the white paper, Disney released a video warning of the dangers of Nelson Peltz and Jay Rasulo. Disney argues that their approach would be “disruptive and destructive.” Disney also recently reported a very strong quarter that showed the company heading in the right direction. However, Peltz and the company were not assuaged.
This proxy fight will ultimately be determined by shareholders and their votes. The annual shareholder meeting where the results will be determined will be on April 3, 2024. What do you think of Michael Eisner joining in supporting Bob Iger’s leadership? Share your thoughts and opinions in the comments below!
