Current, former directors send letter to Disney board in support of Nelson Peltz

Current and former public company directors who have worked with Nelson Peltz and Trian have sent a letter to The Walt Disney Company board of directors detailing their positive experiences working with Trian. The letter details Trian and Nelson Peltz’s “demonstrated ability to work collaboratively and constructively with board members and management teams to drive long-term shareholder value,” and its signatories include former directors at H.J. Heinz and Procter & Gamble, where Trian joined the Board following a proxy contest, as well as Janus Henderson (JHG), Legg Mason (LM), Mondelez (MDLZ), Sysco (SYY), and Wendy’s (WEN). The letter is signed by Dennis R. Beresford, Francis S. Blake, Charles E. Bunch, John Cassaday, Ali Dibadj, Kenneth W. Gilbert, Jorge S. Mesquita, John H. Myers, Dennis Reilley, Sheila G. Talton, Thomas J. Usher, Jean-Francois van Boxmeer and Art Winkleblack. The letter says in part: “As directors who have worked with Nelson Peltz at some of the world’s most respected companies, we are writing to convey our experience with Nelson in the boardroom and to encourage you to work with him for the benefit of all shareholders. Some of us, like you, were skeptical about Nelson and were initially opposed to the notion of having him on our boards. Some of us worried that he might derail the successful execution of our strategy. However, after having worked with Nelson, we know that our concerns were misplaced. The companies for which we served as board members alongside Nelson were improved because of his presence on the board. With his dedication, focus and sound judgment, Nelson contributed greatly to boardroom discussions. He asked tough questions and challenged our thinking – as any good director does – but was not disruptive or disrespectful. To the contrary, Nelson welcomed different perspectives and encouraged debate. Rather than stifle dissent, Nelson often catalyzed robust, productive discussions that helped move our companies forward. Each of us would happily serve with Nelson again on another board.”