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Credit: Inside the MagicIf you’ve ever argued with another Disney fan online, you’ve heard the phrase, “Walt Disney is rolling in his grave.” Whether they’re slamming Disney CEO Bob Iger, decrying changes at Disneyland Resort and Walt Disney World Resort, or calling the latest gay Pixar character “woke,” many Disney fans believe they know what the media giant’s late founder would want.
In The Walt Disney Company boardroom, a similar battle is playing out on a much larger scale than a Facebook comments section. Over the last few months, billionaire activist and investor Nelson Peltz staged a proxy war against the Mouse House’s current leadership. Alongside former Disney CFO Jay Rasulo, the Wendy’s executive wants to secure seats on the board via his company, Trian Partners’, Blackwells Capital investment firm.
Backed by former Marvel Entertainment Chairman Ike Perlmutter, Peltz launched an extensive social media campaign called “Restore the Magic” to convince Disney shareholders to vote for himself and Rasulo. Iger directly addressed the conflict to shareholders via a recorded video message and a comment in the company’s first 2024 Quarterly Earnings Call. He urged them to vote to maintain the current “diverse,” qualified board.
Recent reporting suggests that Peltz and Rasulo are unlikely to take over The Walt Disney Company and successfully oust Bob Iger. Despite plummeting in January, The Walt Disney Company stock (DIS) prices spiked in February, suggesting shareholders have more faith in the board than ever.
On Thursday, The New York Times revealed that Iger gained nine critical allies in his battle against Peltz. Walt and Roy Disney’s surviving grandchildren criticized the billionaire investor and expressed that, despite some disagreements, their grandfathers’ legacy was safest with Iger.
“These activists must be defeated,” Roy P. Disney told The Times. “They are not interested in preserving the Disney magic, but stripping it to the bone to make a quick profit for themselves.”
Disney is one of four outspoken grandchildren of Walt Disney’s brother, Roy. They include Abigail E. Disney, Susan Disney Lord, and Tim Disney. All three called Peltz and similar activists “wolves in sheep’s clothing.”
“It is imperative that the strategy Bob Iger, his management team and the board of directors have implemented is not disrupted,” the siblings wrote in a letter.
Abigail Disney is outspoken about her grandfather’s legacy and has publicly slammed Iger for poor treatment of cast members. She made a documentary about homeless and impoverished Disney employees, The American Dream and Other Fairytales (2022). The Disney heiress joined thousands of fans and employees in protesting former CEO Bob Chapek when he refused to condemn Florida’s “Don’t Say Gay” law. Despite her criticisms of current Disney, she signed the letter supporting Iger.
Their cousins, Walter Elias Disney’s grandchildren, also publicly backed Disney’s current leadership.
“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,” reads a letter signed by Elias Disney Miller, Tamara Diane Miller, Jennifer Miller-Goff, Joanna Sharon Miller and Michelle Lund. “There have been challenging times, but this current management has adjusted and grown through those challenges.”
Michelle Lund, whose mother was Sharon Disney Lund (one of Walt Disney’s daughters), said her late family would’ve been outraged at Peltz and his fellow investors.
“Disney started as a family company, and even though it has grown into such a big global business, Disney is still about family,” she told The Times. “My mother would be appalled by these activists’ attempts to force their way into the company.”
None of Walt and Roy Disney’s descendants have held leadership roles since 2003, when Abigail and her siblings’ father stepped down from the board. The nine grandchildren say Iger didn’t solicit their help defending Disney–they felt compelled to speak up.
Should Nelson Peltz take control from Disney CEO Bob Iger? Share your thoughts with Inside the Magic in the comments.