Credit: Inside The MagicMichael Eisner, former Disney CEO from 1984 to 2005, has just announced his full support of the Walt Disney Company’s candidates for the Board of Directors. The proxy vote is set to take place on April 3, just under two weeks away, and is heating up and intensifying as the battleground is set.
The Disney Board of Directors Fight Continues, Former CEO Michael Eisner Fully Endorses Bob Iger
Michael Eisner, the former Chief Executive Officer of Disney who departed from the company in 2005, has recently voiced his support for the current CEO, Bob Iger, amidst an impending proxy battle at Disney’s upcoming annual shareholders meeting on April 3.
Reflecting on past challenges, Eisner reminisced on the attempted corporate takeover of Disney in 1983 by financier Saul Steinberg. Eisner shared his insights in a post on a platform known as “X,” highlighting the pivotal role he and then-president Frank Wells played in steering Disney away from potential dismantlement. Eisner emphasized the continuity of this narrative under Bob Iger’s leadership, urging shareholders to vote for Disney’s proposed board candidates.
NEW: Michael Eisner, who was Disney's CEO from 1984-2005, endorsed Disney CEO Bob Iger and the company's board nominees in a statement to @dealbook.
Eisner: "The company is now in excellent hands and Disney shareholders should vote for the Disney slate." pic.twitter.com/PDYP4rlKV2
— Scott Gustin (@ScottGustin) March 22, 2024
NEW: Michael Eisner, who was Disney’s CEO from 1984-2005, endorsed Disney CEO Bob Iger and the company’s board nominees in a statement to @dealbook.
Eisner: “The company is now in excellent hands and Disney shareholders should vote for the Disney slate.”
Eisner’s tenure as CEO of Disney began in 1984 and concluded with his resignation in September 2005. As Disney braces for its 2024 annual shareholders meeting, investors face a decision between competing board candidate slates. These include Disney’s lineup, Nelson Peltz’s Trian Partners nominees, and investment firm Blackwells Capital selections.
Support has rallied behind Disney and Iger, leading up to the crucial vote. Influential figures such as George Lucas, the grandchildren of Walt Disney and Roy O. Disney, and proxy-advisory firm Glass Lewis have expressed their endorsement.
However, Disney encountered a setback in its standoff with Peltz when ISS, another influential proxy-advisory firm, recommended shareholders elect Peltz to the Disney board. ISS criticized Disney’s CEO succession planning, citing the surprise departure of Bob Chapek and Iger’s subsequent return in 2022. However, Disney chairman Mark Parker contested ISS’s recommendation, emphasizing the board’s confidence in its decisions.
In a notable show of support, Laurene Powell Jobs, another significant Disney shareholder, issued a statement endorsing the current board and Iger. Powell Jobs highlighted the transformative leadership of Bob Iger and praised Disney’s expert board of directors, affirming her family’s steadfast investment in the company over nearly two decades.
Disregarding Walt Disney Co.’s push for boardroom continuity, a significant corporate research firm has advocated for billionaire Nelson Peltz to join the Disney board, intensifying anticipation for the upcoming proxy battle.
Institutional Shareholder Services Inc. (ISS), renowned for guiding significant institutional funds on corporate governance matters, issued a recommendation on Thursday urging investors to support the inclusion of outspoken Trian Fund Management founder Nelson Peltz on Disney’s board of directors. ISS cited Disney’s mishandling of succession planning as a key factor behind its endorsement.
Moreover, former fired Disney CEO Bob Chapek has broken his silence, publicly voicing his concerns regarding Bob Iger’s management strategy, particularly of ESPN. Chapek, who succeeded Iger as CEO before his abrupt departure, is now expressing dissent over decisions made by his predecessor and successor at the company’s helm. This adds to the notion that Nelson Peltz and the ISS might have a fighting chance of filling their desired seats by April 3.