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Credit: Inside the MagicThe Walt Disney Company once again fired back at activist investor Nelson Peltz on Monday, days after the billionaire Wendy’s executive slammed films like The Marvels (2023) and Black Panther (2018) for their diverse casts and storylines.
Disney CEO Bob Iger has spent the last few months immersed in a proxy war against Peltz, who created the anti-woke “Restore the Magic” campaign. Backed by former Marvel Entertainment Chairman Ike Perlmutter and former Disney CFO Jay Rasulo, the Trian Fund Management head aims to take over two board seats via a shareholder vote on April 3.
In an interview with The Financial Times on Friday, Peltz questioned the leadership of current Marvel chief Kevin Feige and slammed the brand’s recent intentional representation. Beyond what Peltz claimed was an over-saturation of diversity over “storytelling,” he also argued that too many sequels “diluted” the brand.
“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?”
A spokesperson for The Walt Disney Company responded shortly after The Financial Times article was published.
“This is exactly why Nelson Peltz shouldn’t be anywhere near a creatively driven company,” the Disney representative told Reuters.
This week, Disney released a more thorough response to Peltz’s comments via a deck slide on VoteDisney.com. Disney created the site months ago, filling it with instructions to vote to keep the current Disney board in place and endorsements from nine Disney family members.
Disney called Peltz a “bully” and argued that he ignored the multi-billion-dollar box office earnings of The Marvels, Captain Marvel (2019), Black Panther, and Black Panther: Wakanda Forever (2022). They alleged the “81-year-old hedge fund manager” disregarded “Marvel’s unparalleled success.”
“Imagine the damage Peltz would do in Disney’s boardroom with these perspectives,” the slide reads.
The company touted Fiege’s success as “the highest grossing producer of all-time” while simultaneously slamming Perlmutter, who is on record saying “female superheroes” never bring in money like white male stars do: “[They] would harm Disney and jeopardize our strategic transformation.”
“Disney’s strategic transformation is working,” the company concluded. “Our Board and management are delivering on our commitments to create superior, sustainable shareholder value. Do not let Nelson Peltz drive us off course with his outdated beliefs, uninformed ideas, and self-serving agenda.”
Shareholders will cast their votes on April 3. Follow Inside the Magic for up-to-date information on the ongoing proxy battle.
Are Nelson Peltz and Trian Partners right that The Walt Disney Company needs new leadership? Share your thoughts with Inside the Magic in the comments.