Walt and Roy O. Disney's Grandchildren throw their support behind Bob Iger and the Disney board

Mar 01, 2024 in "The Walt Disney Company"

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Walt Disney Company headquarters in Burbank, California

Posted: Friday March 1, 2024 7:25am ET by WDWMAGIC Staff

In a display of solidarity and commitment to The Walt Disney Company's heritage, the grandchildren of both Roy O. and Walt Disney have come forward with public letters to the company's shareholders expressing their support of CEO Bob Iger and the Walt Disney Co. board of directors.

The Disney family have added their support for Disney CEO Bob Iger

In their letter, the grandchildren of Roy O. Disney speak about the company's origins, emphasizing Disney's unique legacy of creating magical experiences. They voice strong support for Disney CEO Bob Iger and the current leadership, warning against the dangers posed by activist investors who, they argue, lack a genuine understanding and appreciation of Disney's core values. They describe activist investors as "really wolves in sheep's clothing, just waiting to tear Disney apart if they can trick shareholders into opening the door for them."

Echoing this sentiment, the family of Walt Disney, including Walter Elias Disney Miller, Tamara Diane Miller, Jennifer Miller-Goff, and Joanna Sharon Miller, issued a letter supporting the company's management and Board of Directors. They specifically oppose the nominations by Nelson Peltz, which is a clear stance against changes they believe could undermine the company's integrity. They commend Bob Iger for balancing creativity with profitability, acknowledging the company's ability to adapt and thrive even in challenging times.

The letters of support from the Disney family come at a time when The Trian Group, which owns more than $3 billion in shares of The Walt Disney Company, is urging Disney shareholders to withhold votes for board members, Mr. Froman and Ms. Lagomasino, and vote to appoint its own Nelson Peltz and former Disney executive Jay Rasulo to the board.

You can read both letters in full below.

An Open Letter to Shareholders of The Walt Disney Company
As the grandchildren of Roy O. Disney, we grew up with a front row seat to the magic that fuels the remarkable company he and his brother Walt Disney built together. We spent our childhoods on the studio lot watching movies get made. We explored Disneyland with the creative geniuses behind the happiest place on earth. We saw the passion Walt and Roy had for creating life-long memories for children and families, and the infectious joy they got out of the work they did.

From Mickey and Minnie, to Snow White and Mary Poppins, Disney is not a company that makes widgets - it makes magic. And it takes a special group of leaders with a deep respect and understanding for this tradition to develop the kinds of incredible experiences - whether in a theme park, at a movie theatre, or in your own home - that touch people's hearts.
Bob Iger, his management team, and the Board of Directors are faithful to this magic. They understand that the longevity of The Walt Disney Company isn't only the result of smart business decisions; it is rooted in the strong emotional connection Disney continues to forge with generations of people from around the globe.

We may not agree about everything, but we know that our grandfather would be especially proud of what Disney means to the world today. We also know that, like us, he would be very concerned by the threat posed by self-anointed "activist investors" who are really wolves in sheep's clothing, just waiting to tear Disney apart if they can trick shareholders into opening the door for them.

What concerns us most about these hedge-fund-backed opportunists is that they have little to no knowledge of what Disney truly means to people like you. They haven't made any arguments for why they should be entrusted with the keys to the kingdom our family built. To the contrary, their "I alone can fix it" mentality makes clear that they are not interested in preserving the Disney magic, but stripping it to the bone to make a quick profit for themselves.

We're old enough to remember the bitter episode four decades ago when another corporate raider, Saul Steinberg - who, as it so happens, was good friends with one of the current activists, Nelson Peltz
- launched a hostile takeover attempt of Disney and threatened to break apart the company. He was defeated, much as these activists must be defeated today.

This is not a company of interchangeable parts. It is home to thousands and thousands of dedicated employees who share the same passion Walt and Roy had for bringing hope and happiness to people through the magic of storytelling. Disney is lucky to be led by people who are looking to the future while drawing guidance from our cherished past. As The Walt Disney Company charts its path forward, it is imperative that the strategy Bob Iger, his management team, and the Board of Directors have implemented is not disrupted by those motivated by nothing more than their own self-interest.

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.

Sincerely,

Roy P. Disney
Susan Disney Lord Abigail E. Disney Tim Disney

To the Shareholders of The Walt Disney Company,

As the family of Walt Disney, we support The Walt Disney Company management and its Board of Directors, and oppose the nominations put forth by Nelson Peltz.

The integrity in the name of Walt Disney has always been a priority to our family. Our mother - Diane Disney Miller, Walt's eldest daughter - created The Walt Disney Family Museum to ensure that the history of her father's life and those involved in the creation of his dreams would be honored and remembered. We still believe in this brand of integrity and storytelling.

Bob Iger has grown this company in a modern world, and he continues to maintain a balance of creativity and profit. It is still a company based on the desire to entertain and explore. There have been challenging times, but this current management has adjusted and grown through those challenges.

We are never without gratitude and pride for our grandfather and being a part of this family, and we will always cherish the memories and the life that we had with him. With this gratitude, it matters to us what the company does and how Walt Disney is represented.

As such, we support Bob Iger and The Walt Disney Company Board.

Sincerely,
Walter Elias Disney Miller
Tamara Diane Miller
Jennifer Miller-Goff
Joanna Sharon Miller

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Disgruntled Walt27 days ago

They started filming the biopic of Bob Iger in Animal Kingdom today. Bold choice to cast Ginnifer Goodwin as Bob:

HMF27 days ago

He appreciates them as a form of advertising. He doesn't acknowledge it as an art form on it's own.

HMF27 days ago

That is what it is supposed to be. Some of the changes in 2006 muddied the waters a bit. https://vocal.media/wander/pirates-of-the-caribbean

lazyboy97o27 days ago

It’s like asking someone who doesn’t care for sports their favorite team. He doesn’t enjoy or even really get the appeal of theme parks, so of course his answer is going to be rather tepid. It wouldn’t be a problem except that he’s one of the most influential people in an industry he doesn’t really care about but refuses to delegate to those who do.

JD8027 days ago

Isn't there some quote where Walt said that the ride was meant to be like a cocktail party where you see/listen to something different each time you rode it?

Robbiem28 days ago

I thought the whole point of Pirates was that it creates an environment rather than a story that you dip in and out of. I remember reading a quote where Walt said it was being at a cocktail party and hearing different conversations. The movie overlay shifts it a little but I think it’s a reason why it has good re-ridability you can pick up new bits each ride

Sir_Cliff28 days ago

To be honest, I don't care that much and decided not to comment when I watched it a few days ago as I didn't want to get stuck in a pro/anti-Iger discussion. That reaction to the ride was just what struck me the most in the video as the praise he was giving the attraction that included describing it as quaint and not brilliant storytelling would probably count as negging if you were to do that to a person in a social situation. But, perhaps he just generally has an understated way of communicating. 🤷‍♂️

JD8028 days ago

Ok, but you're over analysing what Iger said. There is no literal story being told. But the combination of music, setting, sounds, animatronics etc combine to make a brilliant timeless ride. All of that "combining" is the brilliant execution. Or at least thats how I interpreted what he said. I interpret what you are saying is all of that combined is the storytelling. I think you essentially agree with Iger but are using different words. At least that's how I read it.

Sir_Cliff28 days ago

I don't mean to be rude, but I don't think it is. There are different ways to tell a story and Disney theme park attractions are just one medium in which you have examples of that.

JD8028 days ago

This is just semantics at this point.

Sir_Cliff28 days ago

Perhaps it suggests a different understanding of or approach to storytelling. One thing that I think Imagineering has become too hung up on is the need to tell linear narratives in attractions. I think Walt and the Imagineers at the time understood that theme park rides are generally not the best form for telling stories in that way, hence the more experiential attractions like Pirates and Haunted Mansion.

Disney Analyst28 days ago

Yeah. I’d say he actually nailed it. Especially when you consider how they build their attractions today. Walt’s attractions, and especially pirates are, very much of the abstract at times.

JD8028 days ago

The story telling is not brilliant but he said the execution was. Doesn't seem odd.

Sir_Cliff28 days ago

I also found it interesting and probably a positive thing to see Iger discussing and acknowledging the legacy of Walt Disney. Must say that I found his comments after riding Pirates of the Caribbean a little odd, particularly considering he had said it was his favourite attraction. My impression from his comments after riding was that he didn't actually like it all that much, as he described it as quaint and not brilliant storytelling.