The Walt Disney Company’s proxy battle is continuing to heat up.
The Walt Disney Company Building
The Walt Disney Company is in the midst of a proxy battle — and people have started voicing support for Disney. Currently, The company is facing off against activist investor Nelson Peltz, who is attempting to get a seat on the Board of Directors. We have seen Disney actively speak out against Pletz — going as far as releasing a video explaining why Peltz would not be a good fit for the company and urging investors to vote for the Disney-backed candidates instead. Since then, we have seen a number of celebrities show their support for Disney in this battle.
The Walt Disney Company has garnered support from many alumni and people who know the company well. We know that George Lucas has voiced his support, asserting that “creating magic isn’t for amateurs.” Lucas even shared what his experience has been like being one of the biggest shareholders in the company. Walt and Roy Disney’s grandchildren even spoke out against Peltz and his allies. Now, we’ve been seeing numerous other people voice support for the company.
Bob Weis ©D23
Former Walt Disney Imagineering President Bob Weis has also backed Disney in this battle. In a new statement, he mentions how much he cares about the company and is grateful to see it continue under the direction and leadership of Iger. Along with that, Weis complimented Iger’s abilities to take chances and invest in new ideas — even when the odds look tough.
Josh Gad at California Adventure ©Josh Gad | Instagram
Josh Gad also took to Instagram to share his support for Iger and Disney’s side of the proxy battle. Gad stated, “I am fortunate to have seen some of the plans Bob Iger and his incredible team have in store for the future, and that future could not be in better hands.” A big part of Peltz’s argument is the idea that Disney “lost its way, resulting in a rapid deterioration in its financial performance,” so Gad’s statement may sway some voters.
The Walt Disney Company
Another person voicing support for Disney is a long-time shareholder, Laurene Powell Jobs. In a statement, she notes that her family has been shareholders for almost two decades, during which time they have witnessed the company transform and grow under Iger and the Board of Directors.
Roy O. Disney ©Disney
As previously mentioned, Walt Disney and Roy O. Disney’s grandchildren have written an open letter opposing Nelson Peltz’s potential appointment to the Board of Directors. They voiced their support for Iger and shared the importance of not interrupting Iger, his management team, and the current board of directors.
©Disney
The list of celebrities backing Disney seems to keep growing. Keep in mind that Disney’s annual shareholders meeting will take place on April 3rd, 2024. Even former Disney CEO Michael Eisner released a statement that reads, in part, “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.”
As I told @nytimes @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…
— Michael Eisner (@Michael_Eisner) March 22, 2024
On the other hand, former CEOs who have worked with Peltz and Train Partners in the past released a NEW letter voicing their support for Peltz. In this letter, these former executives come together to share what Peltz’s behavior was like in boardrooms and how he has added to their companies. They shared stories about their proxy battles with him and how grateful they were to share a space with him once he was on the board.
©Trian Partners
This letter is signed by various CEOs and members of leadership in major companies, such as Wendy’s, P&G, GE, and more.
©New York Times Nelson Peltz of Trian Partners
We’re on the lookout for more news about this proxy battle, so keep checking in with us at DFB for the latest.
Our handy (and portable!) ebook guides make sure you get the best deals and can plan a vacation of a lifetime.
The problem I see with Peltz, is that he is too mauch of a money man. Yes Disney is a for-profit business, but it is an entertainment business. Where as Peltz is all about making money and nothing else at all cost. I also think it is an ego trip for this guy. He is already on and chairman for several other board of directors for other companies. He seems to crave the spotlight and does things for the “hey look at me” attention.
He states he wants to “bring back the magic”. Maybe he does, but it will be on the cheap. All the future Disney projects will get scrapped and the minimal will be spend to upgrade and expand the parks, let alone new lands and parks. Not to mention even more price increses for evrything. He also states he doesn’t want to fire Bob Iger, but only wants to help him. The only thing he is going to help him with, is helping out the door after he gets rid of him.
Yes, Disney is going through some tough times due to various (the Pandemic, DeSantis, Bob Chapek, ect). But they are bouncing back, albeit slowly, but it is not as bad as people like Peltz make it seem. To me, bringing Peltz in will only make it worse for the guest and the fans. Yes, the shareholders may be happy and get rich, but most guest and fans are not shareholders, or at least major shareholders. Bringing in Peltz and others like is a bad thing for fans and guests if you ask me.