Disney’s fierce battle with activist investor Nelson Peltz got even more heated this week when the media giant released a presentation in which it said Peltz demonstrated “how ill-equipped he is to serve on Disney’s board,” following an interview the investor gave the Financial Times.
The media giant’s comments come as its annual shareholder meeting quickly approaches. On April 3, Disney shareholders will vote to fill 12 seats on Disney’s board of directors. Peltz’s investment firm, Trian Partners — which controls $3.5 billion of Disney stock, nominated Peltz and ex-Disney Chief Financial Officer Jay Rasulo as candidates in January.
Since then, Disney has tried to thwart Peltz and Rasulo’s bid, even launching a website asking shareholders to vote for the company’s nominees instead.
What did Peltz say?
Peltz criticized the track record of Marvel Studios President Kevin Feige in an interview last week with the Financial Times. He specifically took shots at the studio’s movies The Marvels and Black Panther.
“People go to watch a movie or a show to be entertained,” Peltz told the outlet. “They don’t go to get a message.”
He went on to say,“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? Why can’t I have Marvels that are both? Why do I need an all-Black cast?”
How did Disney respond?
On Mar. 25, Disney sent a letter condemning Peltz’s comments.
“Imagine the damage Peltz would do in Disney’s boardroom with these perspectives,” the letter said.
The company went on to defend Feige, stating that Marvel has generated $30 billion in the global box office under his leadership. Disney also pointed out that the Captain Marvel and Black Panther franchises have made $1.3 billion and $2.2 billion at the box office, respectively.
The letter went on to take down Peltz’s plan to establish a board-led review of the company’s creative process.
“The surest way to impede our creative progress is oversight from an 81-year-old hedge fund manager with no creative experience,” Disney said.