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Credit: Inside the MagicThe Walt Disney Company responded to controversial statements by Trian Fund Management leader Nelson Peltz on Friday. The billionaire activist investor and Wendy’s executive is in the heat of a proxy war to take over Disney alongside former CFO Jay Rasulo with a shareholder vote scheduled for April 3.
Much of Peltz’s criticisms of Disney center around perceived “wokeness.” Backed by former Marvel Entertainment Chairman Ike Perlmutter, Peltz launched an extensive social media campaign called “Restore the Magic,” appealing to shareholders who long for the Disney of the past.
On Friday, Peltz continued his attacks on Disney in an interview with The Financial Times. He said The Walt Disney Company’s movies have become too focused on sending a message over storytelling. Peltz specifically mentioned The Marvels (2023) and Black Panther (2018).
“Why do I have to have a Marvel that’s all women? Not that I have anything against women, but why do I have to do that?” Peltz asked. “Why can’t I have Marvels that are both? Why do I need an all-Black cast?”
Peltz also questioned Marvel’s recent focus on sequels and franchise extensions, questioning the expertise of Marvel Studios head Kevin Feige. He argued that Feige “made too many” sequels and “diluted” the quality of the MCU brand.
A representative for The Walt Disney Company spoke to Reuters after Peltz’s interview was published.
“This is exactly why Nelson Peltz shouldn’t be anywhere near a creatively driven company,” they said.
Peltz might have Perlmutter and Rasulo, but The Walt Disney Company has powerful allies in its fight against Trian and its partner, Blackwells Capital. Last month, nine of Walt Disney and Roy E. Disney’s grandchildren signed letters supporting Disney CEO Bob Iger in his battle against Peltz.
“It is imperative that the strategy Bob Iger, his management team and the board of directors have implemented is not disrupted,” the grandchildren of Roy E. Disney wrote.
“These activists must be defeated,” Roy P. Disney told The New York Times. “They are not interested in preserving the Disney magic, but stripping it to the bone to make a quick profit for themselves.”
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,” the family wrote. “There have been challenging times, but this current management has adjusted and grown through those challenges.”
The Walt Disney Company shareholders will vote for Peltz or Disney in a meeting on April 3. Follow Inside the Magic for up-to-date coverage of the proxy battle.
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