Slamming activist investors, Disney grandchildren back CEO Iger and board

The Walt Disney Co. founders' grandchildren have supported CEO Bob Iger and the board of directors while opposing activist investors who are encircling the company.

In an open letter to Disney shareholders, Roy Disney's four grandchildren, Roy P. Disney, Susan Disney Lord, Abigail E. Disney, and Tim Disney, expressed their concerns about the threat posed by "self-anointed" activist investors, referring to them as "wolves in sheep's clothing" who are ready to destroy the company.

This correspondence coincides with the ongoing proxy battle between Disney and billionaire Nelson Peltz, who has pushed the media and entertainment behemoth to make Netflix-like profits for its streaming division and streamline its succession planning.

Disney shareholders were asked in January by Peltz's Trian Fund Management to choose Peltz and former Disney chief financial officer Jay Rasulo in lieu of directors Michael Froman and Maria Elena Lagomasino. Earlier this month, Trian referred to Disney's investment plans as "spaghetti against the wall" and condemned them.

Disney responded by dispelling Peltz's assertions point-by-point in a publication.

In the undated letter, the grandkids said that it's critical that people who are "motivated by nothing more than their own self-interest" don't undermine the tactics that Iger and his team have put in place.

Walter Elias Disney Miller, Tamara Diane Miller, Jennifer Miller-Goff, and Joanna Sharon Miller, Walt Disney's four grandchildren, stated in a separate open letter that they disagree with Peltz's nominations and support Iger and the company's board.

In response to the letters, Iger stated that he approaches Disney with a great deal of respect for all that Walt and Roy created and that having their families' support is extremely meaningful.