Disney CEO Bob Iger has the support of Disney founders Roy and Walt Disney’s grandchildren, who have reportedly slammed ‘activist investors’ eyeing the company, calling them ‘wolves in sheep’s clothing’.
Roy Disney’s four grandkids, Roy P. Disney, Susan Disney Lord, Abigail E. Disney, and Tim Disney, have expressed their concern regarding ‘self-anointed’ investors in the company, whom they fear are ‘waiting to tear the company apart’, in an open letter addressed to Disney and its shareholders.
All four urged in their letter that Disney CEO Iger and his team should not be ‘disrupted by those motivated by nothing more than their own self-interest', reported Reuters.
The Disney kids’ concern comes as billionaire Nelson Peltz continues to be at loggerheads with Iger and his team; in January, Peltz’s Trian Fund Management pushed for Disney to replace its directors Michael Forman and Maria Elena Lagomasino with Peltz himself and former Disney CFO Jay Rasulo.
At the time, Disney hit back with an official document containing pointers to refute each of Peltz’s claims.
In another open letter, Walt Disney’s four grandkids, Walter Elias Disney Miller, Tamara Diane Miller, Jennifer Miller-Goff and Joanna Sharon Miller, also voiced their support for Iger, rejecting Peltz’s recommendations.
The letter read, “Bob Iger has grown this company in a modern world, and he continues to maintain a balance of creativity and profit.”
Both Iger and Trian Fund Management have reacted to the Disney kids’ letters, with Iger saying that he “approaches Disney with a deep sense of respect for everything Walt and Roy created, and it is incredibly meaningful to have the support of their families.”
Meanwhile, Trian’s statement said, “We love Disney and recognize building on its rich history of delighting loyal fans is essential to its future success. Trian invests in great companies like Disney and helps them grow and thrive for the long term – and we have the track record to prove it at companies like P&G, Heinz and Mondelez.”
