Former Disney CEO Michael Eisner is now backing Disney in its fight against activist investors Trian Fund Management and Blackwells Capital.
Eisner mentioned a time in 1983 when the entertainment company faced a threat from corporate raiders wanting to take over, signaling a similar situation exists now.
According to Eisner, the previous threat involved the potential sale of the studio, theme parks, and hotels, but the board ultimately took a different path with him and Frank Wells, similar to Bob Iger's leadership now.
He cautioned against bringing in inexperienced individuals to disrupt Bob and his future successor, comparing it to playing with fire, earthquakes, and hurricanes.
Eisner's statement concludes by emphasizing that Disney is in good hands and shareholders should vote for the Disney slate.
Besides Eisner, Disney has also garnered support from proxy advisory firm Glass Lewis, George Lucas, Laurene Powell Jobs, and activist investor ValueAct Capital, as well as J.P. Morgan CEO Jamie Dimon and former Walt Disney president Bob Weis, and Walt Disney’s grandchildren.Meanwhile, Trian has secured backing from former Marvel Entertainment chairman Ike Perlmutter, activist investor Ancora Holdings, and over a dozen former and current public company directors, who have ties to co-founder and Disney board nominee Nelson Peltz, and from proxy advisory firm Institutional Shareholder Services, and which was influential in Roy E. Disney’s proxy campaign against Eisner..
More details coming soon… The former Disney CEO emphasized the risks of bringing in someone without company or industry experience, likening it to playing with fire, earthquakes, and hurricanes., activist investor Ancora Holdings, over a dozen former and current public company directors that have worked with co-founder and Disney board nominee Nelson Peltz and proxy advisory firm Institutional Shareholder Services, which played an influential role in Roy E. Disney’s proxy campaign against Eisner that stripped him of his chairman role.
More to come…
