Former Disney CEO Michael Eisner has come out in support of current CEO Bob Iger and the company's board of directors in their proxy fight against Nelson Peltz's Trian Partners. Eisner's statement, released on Friday, harkened back to the 1984 activist campaign led by Saul Steinberg, warning against bringing in an outsider to disrupt the company's leadership.
Eisner highlighted the previous threat Disney faced from corporate raiders in 1983, emphasizing the importance of experienced leadership in preserving the company's legacy. He praised the current executive team led by Bob Iger for continuing the success story that he and Frank Wells initiated.
Joining a chorus of public figures supporting Iger and the Disney board, Eisner's endorsement adds to the growing momentum ahead of the upcoming shareholder meeting on April 3. Star Wars creator George Lucas and philanthropist Laurene Powell Jobs have also voiced their backing for Iger, emphasizing the need for seasoned leadership to uphold Disney's magic and legacy.
However, the influential advisory firm Institutional Shareholder Services has recommended a vote for Nelson Peltz, posing a challenge to Disney's board. This recommendation comes amidst a backdrop of historical proxy fights within the company, including Eisner's own battle in 2004 when he lost his chairman title following pressure from Roy E. Disney.
In contrast, the families of Walt Disney and Roy Disney have penned letters of support for Iger and the board, denouncing Peltz as a disruptive force. They caution against repeating past mistakes and urge shareholders to vote for the Disney slate to maintain stability and continuity in leadership.
