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The
four grandchildren of Roy Disney - Roy P. Disney, Susan Disney
Lord, Abigail E. Disney and Tim Disney - in an open letter to
Disney shareholders expressed concerns about the threat posed by
"self-anointed" activist investors, calling them "wolves in
sheep's clothing" waiting to tear the company apart.
The letter comes in the middle of Disney's ongoing proxy war
with billionaire Nelson Peltz, who has pushed the entertainment
and media giant to cut costs, create Netflix-like profit for its
streaming business and clean up its succession planning.
In January, Peltz's Trian Fund Management had urged Disney
shareholders to replace directors Michael Froman and Maria Elena
Lagomasino with Peltz and former Disney chief financial officer
Jay Rasulo. Trian also criticized Disney's investment plans
earlier this month, calling it a "spaghetti against the wall
plan".
In return, Disney published a point-by-point refutation of
claims made by Peltz.
The grandchildren also said in the undated letter it is
important that the strategies implemented by Iger and his team
have are not disrupted by those "motivated by nothing more than
their own self-interest."
In a separate open letter, the four grandchildren of Walt Disney
- Walter Elias Disney Miller, Tamara Diane Miller, Jennifer
Miller-Goff and Joanna Sharon Miller - said they support Iger
and the company's board, and oppose the nominations put forth by
Peltz.
"Bob Iger has grown this company in a modern world, and he
continues to maintain a balance of creativity and profit," they
said, adding that the current management has adjusted and grown
through many challenging times.
"We love Disney and recognize building on its rich history of
delighting loyal fans is essential to its future success. 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 at companies like P&G, Heinz and Mondelez," a Trian Fund
Management spokesperson told Reuters in a statement.
Meanwhile, reacting to the letters, Iger said he approaches
Disney with a "deep sense of respect for everything Walt and Roy
created, and it is incredibly meaningful to have the support of
their families."
(Reporting by Juby Babu in Bengaluru, Additional reporting by
Devika Nair; Editing by Rashmi Aich)
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