Descendants of Walt Disney and his brother Roy O. Disney are joining two activist investment firms in their bid for seats on the company's board of directors.
Activist investor Nelson Peltz, who runs the hedge fund Trian Partners, is waging a proxy fight to install himself and former Disney CFO Jay Laszlo on the company's board. Mr. Peltz's stated objective is to inflate Disney's stock price. Another investment firm, Blackwells Capital, supports the leadership of CEO Bob Iger and the current board of directors, but has warned Disney shareholders that their company's candidates, not Disney or Tryon's candidates, support Bob Iger and the current board leadership. We are asking three people to vote.
Disney objects to the candidates proposed by Mr. Tryon and Mr. Blackwells, saying they lack the “appropriate range of talent, skills, perspectives and expertise” and will ask shareholders to vote on its own 12 nominees. I am calling on you to do so. The nominees will be voted on at Disney's 2024 annual shareholder meeting on April 3.
On Thursday, the grandchildren of Walt Disney and Roy Disney issued two open letters to Disney shareholders supporting Iger and the current board and opposing rival director nominees. (Please read both letters below.)
“What concerns us most about hedge fund-backed opportunists is that they have little or no idea what Disney actually means to people like you. '' said Abigail E. Disney, granddaughter of Roy O. Disney. (Photo above), Roy P. Disney, Susan Disney Lord, and Tim Disney wrote in their letters: “They have no argument as to why they should be entrusted with the keys to the kingdom that our family has built. On the contrary, their 'I'm the only one who can fix it' mentality… It makes it clear that they are not interested in preserving the magic of Disney, but in stripping it down to make a quick profit for themselves.”
The letter goes on to say, “Disney is fortunate to be guided by people who are looking to the future while drawing guidance from our cherished past. As the Walt Disney Company charts its path forward, Bob Iger It is essential that the strategy implemented by Disney, its management team, and board of directors is not thwarted by those motivated solely by self-interest.'' In conclusion, “The Disney story is full of heroes and villains. We know who the villains in this story are, and we know we cannot trust them to protect this company's rich heritage and lead it into a bright future.”
The second letter, less strongly worded, is from the children of Walt Disney's eldest daughter, Diane Disney Miller.
“As members of the Walt Disney family, we support the management and board of directors of The Walt Disney Company and oppose the nomination of Nelson Peltz,” they wrote. “Bob Iger continues to grow this company in the modern world and maintain a balance between creativity and profit. Our company remains a company built on a desire to entertain and explore. There have been some difficult times. However, our current management team has adapted and grown through those challenges.”
Disney has launched its own proxy voting campaign site at votedisney.com to solicit support from shareholders. “Your board of directors and management remain committed to driving meaningful growth and creating sustainable shareholder value into the future,” the company said in a Feb. 12 letter to shareholders. “Despite these efforts, two activist hedge funds, Trian Fund Management, LP and Blackwells Capital, each seek to replace members of your board of directors with different candidates. , your board believes that no one person has the appropriate range of talent, skills, and perspectives to effectively align Disney's architectural priorities in the face of ongoing industry-wide challenges. provide expertise and/or expertise to support. ”
Below is a letter from Roy O. Disney's grandchildren.
Open Letter to Walt Disney Company Stockholders
As Roy O. Disney's grandchildren, we grew up with a front row seat to the magic that powered the great company he and his brother Walt Disney built together. We spent our childhoods watching movies being made on studio lots. We explored Disneyland with the creative geniuses behind the happiest place on Earth. We saw Walt and Roy's passion for creating lifelong memories for children and families and the contagious joy they derived from the work they did.
From Mickey and Minnie to Snow White and Mary Poppins, Disney isn't just a widget company; it's a magic company. And it takes a special group of leaders with a deep respect and understanding of this tradition to develop great experiences that move people, whether at a theme park, in a movie theater, or at home.
Bob Iger, his management team, and board of directors practice this magic faithfully. They understand that the Walt Disney Company's longevity is not just the result of smart business decisions. It's rooted in the strong emotional connections that Disney continues to build with generations of people around the world.
While we may not agree on everything, we know that our grandfathers were especially proud of what Disney meant to the world today. Also, like the rest of us, he's a self-anointed “wolf'' who is just a wolf in sheep's clothing waiting to tear Disney apart if he can trick shareholders into opening the door. We also know that they are very concerned about the threat posed by 'activist investors.' .
What concerns us most about hedge fund-backed opportunists is that they have little or no idea what Disney really means to people like you. They make no claims about why we should entrust them with the keys to the kingdom our family has built. On the contrary, their “only I can fix it” mentality suggests that they are not interested in preserving the magic of Disney, but in thoroughly destroying it for their own quick profit. He has made it clear that he is interested in stripping it down.
We learned 40 years ago that another corporate raider, Saul Steinberg — who happened to be good friends with one of our current activists, Nelson Peltz — launched a hostile takeover of Disney and threatened bitter bitterness. I'm old enough to remember the episode. to dissolve the company. He was defeated, just as these activists must be defeated today.
We are not a replaceable parts company. We are home to thousands of dedicated employees who share Walt and Roy's passion for bringing hope and happiness to others through the magic of storytelling. Disney is fortunate to be guided by people who are guided by our cherished past while looking to the future. As the Walt Disney Company charts its future path, it is imperative that the strategies implemented by Bob Iger, his management team, and the Board of Directors are not thwarted by those motivated solely by self-interest.
Disney stories are full of heroes and villains. We know who the villains in this story are, and we know we can't trust them to protect this company's rich heritage and lead it into a bright future.
Sincerely,
Roy P. Disney
susan disney lord
Abigail E. Disney
Tim Disney
Below are letters from Diane Disney Miller's children.
To the shareholders of the Walt Disney Company
As members of the Walt Disney family, we support the management and board of directors of The Walt Disney Company and oppose the nomination of Nelson Peltz.
Integrity in the Walt Disney name has always been a top priority for our family. Our mother, Diane Disney Miller (Walt's eldest daughter), created the Walt Disney Family Museum so that the history of her father's life and those involved in creating his dreams would be honored and remembered. Established. We still believe in the brand's integrity and storytelling.
Bob Iger continues to grow this company in the modern world and maintain a balance between creativity and profit. We're still a company built on a desire to entertain and explore. Although there have been some difficult times, our current management team has adapted and grown through those challenges.
We are not without gratitude and pride in being part of this family with our grandfather. I will continue to cherish the memories and life I spent with my grandfather. With this appreciation, what our company does and how we represent Walt Disney matters to us.
That's why we support Bob Iger and the Walt Disney Company Board of Directors.
Sincerely,
Walter Elias Disney Miller
Tamara Diane Miller
Jennifer Miller-Goff
joanna sharon miller
