In a new release to shareholders titled “Oh, Nelson”, Disney highlights the “outdated beliefs, uninformed ideas, and self-serving agenda” of activist investor Nelson Peltz. As you may know, Peltz and former Disney executive Jay Rasulo are seeking Board of Director seats in a proxy battle that will culminate at the April 3rd Annual Meeting of Shareholders.
The new release from Disney highlights some of the lowlights from a recent article where Peltz talks about his ideas for The Walt Disney Company, and that he thinks Disney has become too “woke”.
In the release from Disney, the following quotes are highlighted:
- On firing Marvel’s Kevin Feige: “I’m not ready to say that, but I question his record.”
- On Black Panther: “Why do I need an all-black cast?”
- On The Marvels: “Why do I have to have a Marvel that’s all women? Not that I have anything against women, but why do I have to do that?”
- On allegations that he’s a bully: “What sense is being a billionaire if you’re not a bully?”
Disney says “Imagine the damage Peltz would do in Disney’s boardroom with these perspectives”. Disney says it believes the following things should be abundantly clear to shareholders after reading the recent Peltz interview:
- Peltz, including his silent partner Ike Perlmutter, would harm Disney and jeopardize our strategic transformation̶
- Peltz brings no additive skills to the Board, doesn’t understand our business, and has no plan to create shareholder value ̶
- One of Peltz’s ideas is to establish a bureaucratic “Board-led review of creative processes and structure” … the surest way to impede our creative progress is oversight from an 81-year-old hedge fund manager with no creative experience
- Kevin Feige has an unparalleled track record at Marvel, generating ~$30bn in global box office, making him the highest-grossing producer of all-time
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