On Monday, The Walt Disney Company took shots at an attempted board takeover by activist group Trian Partners, led by Wendy’s executive Nelson Peltz and former Disney CFO Jay Rasulo. After nine heirs of Walt Disney publicly backed CEO Bob Iger last week, Peltz backtracked on some of his attacks and claimed he wouldn’t oust the recently returned executive.
Over the last few months, the billionaire activist staged a proxy war against The Walt Disney Company board. Backed by former Marvel Entertainment Chairman Ike Perlmutter, Peltz launched an extensive social media campaign called “Restore the Magic,” appealing to former Disney fans tired of “wokeness.”

Even though expert reporting suggests Peltz and Rasulo have little chance of winning over most shareholders on April 3, Disney is ramping up its campaign against the activist investors. 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, bringing along some Disney pals to help.
On Monday, the House of Mouse dropped a two-minute video on the “Vote Disney” website that directly attacks Peltz and Trian Fund Management. It claims the executive cares more “about vanity than a belief in Disney.” The Mouse accused Peltz of selling millions of dollars in shares throughout the proxy battle, fiscally lowering his stake in the company while attempting a public takeover.
Disney didn’t spare its former cohorts, either. They called Rasulo “a former Disney employee who was passed over for a promotion nearly a decade ago” who “hasn’t been employed since leaving Disney” and Perlmutter “another former disgruntled employee” who “has his own lengthy record of destructive behavior inside Disney” and a grudge against Bob Iger.
The video concluded with Iger’s plans for Disney’s future, including investments in theme parks like Disneyland Resort and Walt Disney World Resort. It warned that Trian Partners “threaten to jeopardize the incredible progress that the Company has made” since the CEO returned to replace Bob Chapek in 2022.

Another statement on the Vote Disney website accuses Peltz of lying about having media experience in a letter to shareholders after telling NBC he had none. “The Truth Matters,” Disney’s statement reads. “Shareholders rightfully expect directors to base their statements on facts. The activist and their nominees have not lived up to this expectation.”
Disney also uploaded the full letters from nine of Walt and Roy Disney’s grandchildren: Roy P. Disney, Abigail E. Disney, Susan Disney Lord, Tim Disney, Elias Disney Miller, Tamara Diane Miller, Jennifer Miller-Goff, Joanna Sharon Miller, and Michelle Lund. Despite some disagreements with Disney CEO Bob Iger, the heirs professed confidence in him over activist investors. The family insisted they decided to write the statements on their own without a request from the company.

“We may not agree about everything, but we know that our grandfather would be especially proud of what Disney means to the world today,” reads the letter from Roy Disney’s grandchildren. “We also know that, like us, he would be very concerned by the threat posed by self-anointed ‘activist investors’ who are really wolves in sheep’s clothing, just waiting to tear Disney apart if they can trick shareholders into opening the door for them.”
Voting is scheduled for Disney’s annual shareholders meeting on April 3, 2024. Shareholders interested in participating can find more information about the process on this page.
Watch The Walt Disney Company’s recent video here.
Do you support Nelson Peltz and Trian Partners taking over The Walt Disney Company board? Share your thoughts with Inside the Magic in the comments.