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In two open letters to shareholders of the Walt Disney Co., grandchildren of Walt Disney and his brother Roy O. Disney came out in support of CEO Bob Iger and current management, which is being assailed by two investment firms trying to change the makeup of the company’s board.
“From Mickey and Minnie, to Snow White and Mary Poppins, Disney is not a company that makes widgets – it makes magic. And it takes a special group of leaders with a deep respect and understanding for this tradition to develop the kinds of incredible experiences – whether in a theme park, at a movie theatre, or in your own home – that touch people’s hearts. Bob Iger, his management team, and the Board of Directors are faithful to this magic,” wrote Roy P. Disney Susan Disney Lord, Tim Disney and Abigail Disney, who has been outspokenly critical of the company in the past.
“We’re old enough to remember the bitter episode four decades ago when another corporate raider, Saul Steinberg — who, as it so happens, was good friends with one of the current activists, Nelson Peltz — launched a hostile takeover attempt of Disney and threatened to break apart the company. He was defeated, much as these activists must be defeated today,” they said.
Peltz of Trian Partners has nominated himself and former Disney executive Jay Rasulo to the company’s board. Another firm, Blackwells Capital has three nominees on the slate. Shareholders will vote on the director nominees at the annual meeting April 3. Candidates with the most votes win. Disney has been urging stockholder to vote only for its slate and not the others.
Walt’s grandchildren — Walter Elias Disney Miller Tamara Diane Miller Jennifer Miller-Goff Joanna Sharon Miller — said this: “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. The integrity in the name of Walt Disney has always been a priority to our family. Our mother — Diane Disney Miller, Walt’s eldest daughter — created The Walt Disney Family Museum to ensure that the history of her father’s life and those involved in the creation of his dreams would be honored and remembered. We still believe in this brand of integrity and storytelling. Bob Iger has grown this company in a modern world, and he continues to maintain a balance of creativity and profit. It is still a company based on the desire to entertain and explore. There have been challenging times, but this current management has adjusted and grown through those challenges.”
Disney family members have some cloud. The last shareholder revolt, a successful one twenty years ago against former CEO Michael Eisner, was waged by the late Roy. E Disney.
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