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Nelson Peltz
Heidi Gutman/CNBC/NBCU Photo Bank/NBCUniversal/Getty Images
As the fight over Disney board powers nears its decisive day, activist investor Nelson Peltz is taking aim at what he calls the company’s “woke” film strategy, particularly as it relates to Black Panther and the wonders.
in a recent interview with He Financial times, Peltz questioned Marvel chief Kevin Feige’s leadership and Disney CEO Bob Iger’s broader film strategy. Although he said he did not want any of the leaders to be ousted (Peltz is apparently campaigning to fill the board seats of current members Michael BG Froman and Maria Elena Lagomasino), he questioned how long Feige should remain and what the strategy to follow.
“People go to see a movie or a show to be entertained,” Peltz said in the interview. “They’re not going to get a message.”
“Why do I have to have an all-female Marvel? 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? she said later in the interview.
These comments recall similar anecdotes about former Marvel Entertainment chairman and CEO Ike Perlmutter, who is a friend of Peltz and a supporter of his proxy fight.
In Iger’s 2019 memoir The trip of your life, Iger said he had received pushback to his idea to diversify Marvel’s slate of films and stop exclusively featuring characters who were white men. In pitching the idea, Iger wrote that one of the leaders of the Marvel team in New York, led by Perlmutter, told him that “superheroes never generate big box office.” But Iger decided to move on.
“I called Ike and told him to tell his team to stop putting up barricades and ordered us to put both Black Panther and Captain Marvel in production,” he wrote in the book.
Disney continues to stand by this decision. In a letter to shareholders on Monday, titled “Oh, Nelson,” the company specifically referenced Marvel’s quotes, as well as his statement in the article: “What’s the point of being a billionaire if you’re not a bully?”
“Imagine the damage Peltz would do to the Disney boardroom with these prospects,” the letter says.
In addition to defending Feige, who Disney says has an “unparalleled track record at Marvel,” generating around $30 billion in global box office revenue, the entertainment conglomerate reiterated its view that Peltz doesn’t understand the business and wouldn’t create value. for shareholders. and “does not bring additional abilities to the board.”
“Peltz, including his silent partner Ike Perlmutter, would harm Disney and jeopardize our strategic transformation,” the letter says.
Both sides have been campaigning and receiving shows of support in the run-up to the April 3 board meeting, with Iger and his board receiving support from former CEO Michael Eisner. Star Wars creator George Lucas, Laurene Powell Jobs and the grandchildren of Walt Disney and Roy Disney.
However, Peltz’s Trian Partners has received support from the influential advisory firm Institutional Shareholder Services, which recommends that its clients vote to add Peltz to Disney’s board (the firm did not recommend a vote to add Disney’s former CFO , Jay Rasulo, to the board, which Peltz is requesting).
