Former Disney Chief Thinks He Can Save Company From Bob Iger

in Disney, Entertainment

CEO Bob Iger in front of Disney HQ

Credit: Disney

A former Disney executive is calling out the company, stating they could do a better job than Bob Iger.

Nelson Peltz in front of a Disney castle
Credit: Inside the Magic

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Former Disney executive Jay Rasulo is continuing to blast the company he once worked for, calling them out for being “broken” and creatively bankrupt. Rasulo is currently attempting to gain a seat on The Walt Disney Company’s Board of Directors, making CEO Bob Iger his primary target.

A recent report from The Wall Street Journal shares more about Rasulo’s process and intentions. Rasulo was given the task of convincing Chinese officials that a Disney theme park resort in Shanghai would not only be a good idea but beneficial for both The Walt Disney Company and the country itself. Decades later, Rasulo is once again “knocking” at the gates, only this time it’s at the front gates of the company that previously employed him.

Rasulo plays a major role in the campaign known as Restore the Magic alongside Trian Fund Management founder Nelson Peltz. Peltz began his tirade against The Walt Disney Company over a year ago, with things coming to a head within the last few months.

Both Peltz and Rasulo think Disney is nearing the end of its lifespan, at least creatively, and desperately urge the board to toss out longtime Disney executive Bob Iger.

In a recent video, Jay Rasulo said, “I think some of the most important things to focus on at The Walt Disney Company are: first, and foremost, creative content. Something’s broken in the creation of creative content.”

Jay Rasulo
Credit: Disney

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Trian controls around 33 million shares of The Walt Disney Company, giving it substantial power and sway. April 3, 2024, marks the annual shareholders’ meeting, with Trian urging the board to vote on both Peltz and Rasulo.

“When people call me about the company and what’s going on, I say, ‘Don’t ask me! It’s breaking my heart!’” Rasulo said. “When Nelson called me, I decided I couldn’t sit on the sidelines.

Rasulo was once considered a potential successor to Bob Iger at one point in time, saying he knows how to work with him quite well. Rasulo has been boasting about himself, saying that Disney shareholders deserve someone who is “objective” and “passionate” about the company. To counter these statements, Disney argued that Peltz lacks any experience to help the company, urging shareholders not to vote for him or Rasulo.

After years of working as a finance executive, Rasulo was hired by Disney and began working within the theme park division, helping to develop future Disney resorts and hotels. Rasulo is credited with turning around the Disneyland Resort’s finances and aiding heavily in remodeling California Adventure Park.

He returned to Burbank, California to lead the Parks and Resorts division in the early 2000s and was credited with turning around Disneyland Resort’s finances and planning a $1.1 billion remodeling of its California Adventure theme park.
“I’m a very direct guy. Many people at Disney are not direct,” Rasulo said. “There are people who want to do their thing, and they don’t like it when someone calls them on it in a studio budget meeting, for example.”
Walt Disney Company CEO Bob Iger looking at Disney Brand Image with Castle and Logo
Credit: Inside the Magic

For nearly 20 years, only two men served as CEO of The Walt Disney Company, with Michael Eisner leading from 1984 to 2005 and Bob Iger from 2005 to 2020. Iger left the company in the hands of Bob Chapek in early 2020, with the new CEO quickly becoming one of the most controversial figures in Disney history. Chapek would not last long, with Disney announcing Bob Iger would be stepping back in as CEO just a few years later.

Iger has been contracted to serve as Disney’s CEO until 2026, with the company actively looking for various potential successors.

Stay tuned here for all future updates on this developing story. 

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