Activist investor Nelson Peltz has criticized Disney for its all-female and black casts as he seeks a seat on the company’s board of directors.
Peltz, a Trump supporter and longtime critic of Disney’s trend toward “woke” messaging, is currently fighting his second battle for greater control of the entertainment giant.
‘People go to see a movie or a show to be entertained, they are not going to receive a message’ Peltz told the Financial Times last week ahead of a crucial vote on April 3 that will determine the outcome of the battle.
‘Why do I have to have a Marvel made up exclusively of women? Not that I have anything against women, but why do I have to do that? Why can’t I have Marvels that are both? Why do I need a completely black cast? Peltz told the publication.
In response to the interview, Disney’s board of directors sent a letter to shareholders defending its creative output and outlining resistance to Peltz seeking a seat on its board.
Activist investor Nelson Peltz has criticized Disney for its all-female and black casts as he seeks a seat on the company’s board of directors.
‘Why do I have to have a Marvel that is exclusively female?’ Peltz told the Financial Times
Peltz also criticized Marvel’s all-black casts such as Black Panther in the interview.
Referring to his comments made to the Financial Times that there is no point in ‘being a billionaire if you’re not a thug’? the letter said “imagine the damage Peltz would do to the Disney boardroom with these prospects.”
The letter also argued that Peltz “does not bring additional skills to the board” because he does not understand the business.
“Peltz, including his silent partner Ike Perlmutter, would harm Disney and jeopardize our strategic transformation,” the letter added.
Former Marvel Entertainment chairman and CEO Ike Perlmutter supports Peltz’s proxy fight and has also criticized Marvel’s move toward “woke” casting.
Peltz nominated himself and former Disney CFO Jay Rasulo to the entertainment giant’s board of directors, criticizing CEO Bob Iger as “underperforming.”
His firm Trian Fund Management, which owns about $2.5 billion in Disney stock, filed Thursday, sparking a second proxy war at the company in just two years.
In turn, the company has the support of the influential advisory firm Institutional Shareholder Services, which recommends its clients vote in favor of Peltz.
The vote will take place at the next board meeting on April 3.
Current CEO Bob Iger has received support from former CEO Michael Eisner and the grandsons of Walt Disney and Roy Disney.
Nelson Peltz announced plans to nominate himself and former House of Mouse CFO Jay Rasulo to Disney’s board of directors.
In a video posted online, Disney said Peltz has a long history of “attacking companies to the ultimate detriment” of shareholders and said it would be “disruptive” and “value-destructive” to include him and his sidekick Jay Rasulo.
Earlier this month, Disney released a three-minute elimination video of Peltz.
The political style video He said Peltz has a long history of “attacking companies to the ultimate detriment” of shareholders and said it would be “disruptive” and “value-destructive” to include him and his sidekick Jay Rasulo.
‘Disney could suffer the same fate as other large companies that Peltz has infiltrated before, such as GE and DuPont. “Nelson Peltz has a long history of attacking companies to the detriment of shareholder value,” the narrator states.
The video claims that Pelt’s pursuit of a board seat “seems more a matter of vanity than a belief in Disney.”
The clip also calls Disney Perlmutter a “disgruntled former employee” with a personal grudge against Iger.
Trian’s presentation on Thursday did not reveal which directors Peltz and Rasulo want to replace, The Hollywood Reporter reported. The names will come later.
In the filing, Trian repeated his concerns about Disney’s less-than-stellar stock performance – and said he plans to “align management pay with performance” – and criticized Iger’s $30 million pay package for the year. past while stocks continued to underperform.
Trian’s filing Thursday did not reveal which directors Peltz and Rasulo want to replace on Disney’s board.
CEO Bob Iger received support from former CEO Michael Eisner and the grandsons of Walt Disney and Roy Disney.
Billionaire Nelson Peltz (left) pictured with his daughter Nicola (right), who married Brooklyn Beckham in 2022, launched his first proxy war in January and called on Disney to “restore the magic.”
The firm also said it will push Disney to “target and achieve Netflix-like margins of 15 to 20 percent by fiscal 2027” for its streaming service and “finally complete a successful CEO succession.”
Additionally, Trian intends to conduct a “board-led review of creative processes and structure to restore leadership accountability” to the company and create a “clear path” for ESPN and the theme parks.
Peltz’s first proxy war last January called on Disney to “restore the magic” amid criticism that the media conglomerate had become too political.
He withdrew from the initial fight after Iger unveiled a cost-cutting plan involving 7,000 layoffs and restructuring to save about $5.5 billion.
However, Disney shares falling 12.5 percent over the past year has led the activist investor to renew his bid for power.
Trian Investment Fund owns about 33 million shares, making it one of the largest investors among Disney’s 1.8 billion shares.
Meanwhile, Iger is said to be “overwhelmed and exhausted” after extending his contract for three more years as he battles falling stock prices and challenges to his leadership.
In September, Iger revealed that the company will “quiet the noise” around cultural issues because it has proven to be detrimental to business.
The company has been locked in a legal battle with the Florida government and Ron DeSantis after former CEO Bob Chapek criticized the so-called “Don’t Say Gay” bill.
DeSantis targeted Disney’s special tax district, replaced its board of directors with his allies and led the effort to rename the Reedy District the Central Florida Tourism Oversight District.
Before DeSantis’ chosen board of directors took control, Disney created a development agreement for future investments. These were dismissed by the new board, leading to a federal lawsuit.
Disney has since dropped a large part of its federal lawsuit against Florida’s governor.
Iger extended his contract through 2026 and hinted that he will retire again at that time, once a suitable successor has been found and named.
Peltz’s daughter Nicola married Brooklyn Beckham in 2022 and has been accused of being a ‘nightmare bride’ in a new documentary about her bitter dispute with her wedding planners.