‘VILLAINS’

Disney Heirs Back Bob Iger Over Nelson Peltz in Board Battle

The activist investor is trying to seize two board seats—and nine of Walt and Roy’s grandkids wants to stop it.

Walt and Roy Disney’s heirs have chosen sides in the battle over the Mouse House, backing CEO Bob Iger over activist investor Nelson Peltz and his allies in terms plucked from the lexicon of animated classics. “Disney stories are filled with heroes and villains. We know who the villains are in this story, and we know they cannot be entrusted with protecting this company’s rich legacy or guiding its bright future,” one of nine grandchildren wrote to shareholders, according to the Los Angeles Times. Peltz—who has won proxy wars with Heinz and Procter & Gamble in the past—is trying to seize control of two Disney board seats at the annual shareholders meeting in April and reshape the company. The Disney clan paints him as an invader. “They are are not interested in preserving the Disney magic, but stripping it to the bone to make a quick profit for themselves,” they wrote. Peltz’s Trian Partners retorted: “Trian invests in great companies like Disney and helps them grow and thrive for the long term—and we have the track record to prove it.”