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Disney and its present CEO, Bob Iger, have secured the backing of Iger’s onetime boss, former Chairman and CEO Michael Eisner.
In a press release posted to social media, Eisner didn’t identify Nelson Peltz, whose Trian Fund Administration is mounting an offensive to win two seats on Disney’s board on the April 3 annual shareholder assembly. However the longtime media exec wrote that “bringing in somebody who doesn’t have expertise within the firm or the trade to disrupt Bob and his eventual successor is taking part in not solely with fireplace however earthquakes and hurricanes as nicely.”
Eisner recalled the same skirmish in 1983, simply previous to the beginning of his two-decade run as chairman and CEO, when “company raiders have been making an attempt to take over the corporate.”
Had that incursion been allowed, he continued, “that might have ended the Disney Firm as we all know it, for the studio, theme parks, and lodges have been prompt to be offered off.” As an alternative, as soon as Eisner and prime exec Frank Wells have been put in to run the corporate, “a totally different story was written, one which was continued by Bob Iger and his government staff.”
Eisner mentioned “classes from 40 years in the past” must be utilized to the state of affairs confronted by the corporate right this moment. “The corporate is now in wonderful arms and Disney shareholders ought to vote for the Disney slate.”
A variety of potent supporters, together with Disney relations, George Lucas and Laurene Powell Jobs, have backed Iger and the corporate’s slate of board nominees. Peltz has not garnered practically as a lot public affirmation, although this week Trian acquired an enormous win when influential proxy advisory agency ISS put its weight behind the activist bid, citing Disney’s stumbles with CEO succession.
Right here is the total assertion:
See moreAs I advised @nytimes @dealbook, in 1983, Disney was below assault by company raiders making an attempt to take over the corporate. That might have ended the Disney Firm as we all know it, for the studio, theme parks, and lodges have been prompt to be offered off. The board turned to me and Frank…
— Michael Eisner (@Michael_Eisner) March 22, 2024