No stranger to boardroom drama, Former Disney CEO Michael Eisner has shared his thoughts on the ongoing proxy battle at The Walt Disney Company, backing Bob Iger and the Disney Board.
What’s Happening:
- Former CEO of The Walt Disney Company, Michael Eisner, has weighed in on the current saga happening between the company and a few activist investors, including Nelson Peltz and his Trian Group, who are trying to get seats on the Disney Board.
- The situation is remarkably familiar according to Eisner, who was brought in by Roy E. Disney back in the early ‘80s to save Disney from being overtaken by corporate raiders who were keen on selling off the Disney company in various parts.
- While the end of Eisner’s run at the company in the early 2000s might have been might with controversy, there is no doubt that he and his business partner, Frank Wells, saved the company and turned it into the media behemoth it is now, with a hugely successful decade in the ‘90s.
- Eisner told Dealbook and The New York Times, “In 1983, Disney was under attack by corporate raiders trying to take over the company. That would have ended the Disney Company as we know it, for the studio, theme parks, and hotels were suggested to be sold off. The board turned to me and Frank Wells, and a different story was written, one that was continued by Bob Iger and his executive team.
- Today, a similar situation exists, so let’s remember the lessons from 40 years ago. Bringing in someone who doesn’t have experience in the company or the industry to disrupt Bob and his eventual successor is playing not only with fire but earthquakes and hurricanes as well. The company is now in excellent hands and Disney shareholders should vote for the Disney slate.”
- With this statement, Eisner clearly believes in Bob Iger (as much as he did as his own successor, if not more so now) and is backing him with the current proxy vote that is set to happen at Disney’s annual meeting of shareholders next month.
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