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The grandchildren of Roy and Walt Disney, founders of Walt Disney Co., have voiced their support for CEO Bob Iger and the company’s board while opposing activist investors seeking to influence Disney’s direction.
Concerns About Activist Investors:
In an open letter to Disney shareholders, the four grandchildren of Roy Disney expressed concerns about the threat posed by “self-anointed” activist investors, describing them as “wolves in sheep’s clothing” aiming to dismantle the company.
The letter coincides with Disney’s ongoing proxy battle with billionaire investor Nelson Peltz, who has advocated for cost-cutting measures, enhancing Disney’s streaming business, and addressing succession planning. Peltz’s Trian Fund Management has sought to replace directors and criticized Disney’s investment strategies.
Support for Bob Iger:
The grandchildren of both Roy and Walt Disney voiced their support for CEO Bob Iger and the company’s management team.
They praised Iger’s leadership, highlighting his ability to balance creativity and profitability while navigating challenging times.
The Disney grandchildren opposed Peltz’s nominations to the board, affirming their confidence in the current leadership’s ability to guide the company forward.
Trian Fund Management’s Response:
A spokesperson for Trian Fund Management defended the investor’s approach, citing its track record of supporting and enhancing the growth of companies. Trian highlighted its successful investments in companies like P&G, Heinz, and Mondelez.
Bob Iger expressed gratitude for the support of the Disney family, emphasizing his deep respect for the company’s founders and their legacy.
