Over the weekend, billionaire Nelson Peltz - who is spearheading a proxy battle with Disney to get himself a seat on the board - came under fire for comments he made about the House of Mouse's "woke" movie strategy.
He questioned Kevin Feige's abilities as Marvel Studios President (the franchise has so far grossed over $30 billion) and asked, "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?"
Peltz also acknowledged that he knows nothing about the movie business, giving the impression that his main goal with this proxy fight is to increase profitability for himself and his fellow shareholders (even if that negatively affects Disney's creative output).
Disney has received support against Peltz from the likes of George Lucas, Michael Eisner, and even Walt Disney's grandchildren. It's also worth pointing out that ousted Marvel Entertainment chairman and CEO Ike Perlmutter is a close personal friend of the billionaire, and that he once opposed Feige when he wanted to make Captain Marvel and Black Panther movies.
In a letter sent to shareholders today entitled "Oh, Nelson," Disney specifically references Peltz's Marvel comments by saying, "Imagine the damage Peltz would do to Disney’s boardroom with these perspectives."
Disney also defends Feige's "unparalleled track record at Marvel" and reminds investors that Peltz doesn't understand the business he's invested so much money in and "brings no additive skills to the board." The company adds, "Peltz, including his silent partner Ike Perlmutter, would harm Disney and jeopardize our strategic transformation."
The final decision will be made on April 3, and unless shareholders think solely with their wallets, it's looking increasingly unlikely that Peltz will succeed.
"Creating magic is not for amateurs," Star Wars creator George Lucas said earlier this month. "When I sold Lucasfilm just over a decade ago, I was delighted to become a Disney shareholder because of my long-time admiration for its iconic brand and Bob Iger’s leadership. When Bob recently returned to the company during a difficult time, I was relieved."
"No one knows Disney better. I remain a significant shareholder because I have full faith and confidence in the power of Disney and Bob’s track record of driving long-term value. I have voted all of my shares for Disney’s 12 directors and urge other shareholders to do the same."
Stay tuned for updates as we have them.