Michael Eisner Gives Bob Iger His Vote of Confidence As Disney Fights off Peltz and Blackwells

In a week that has seen Bob Iger pick up public endorsements from the CEO of JPMorgan Chase, George Lucas, and Josh Gad, the Disney CEO may have just received his most important vote of confidence.

Photo: Disney

In an exclusive statement to DealBook, former Disney CEO Michael Eisner has publically supported his successor, Bob Iger, stating that “the company is now in excellent hands” and encouraging shareholders to vote for Disney’s slate of board candidates.

Eisner Saved Disney in the 1980s

Eisner was famously brought into The Walt Disney Company along with Frank Wells in 1983. At the time, Disney’s future looked bleak and corporate raiders were circling, looking to buy and then break up the company.

Eisner and Wells were able to quickly turn things around and transform Disney back into an entertainment powerhouse. Following Wells’s untimely death in 1994, Eisner became the sole head of the company. He would continue to steer Disney toward prosperity until the early 2000s when things began to go sour.

After resisting naming a successor for years, Eisner was ousted by the Disney board, and Iger was tapped to succeed him.

Today’s Statement

“In 1983, Disney was under attack by corporate raiders trying to take over the company. That would have ended the Disney Company as we know it, for the studio, theme parks, and hotels were suggested to be sold off. The board turned to me and Frank Wells, and a different story was written, one that was continued by Bob Iger and his executive team,” Eisner said in his statement today.

Photo: Disney

“Today, a similar situation exists, so let’s remember the lessons from 40 years ago. Bringing in someone who doesn’t have experience in the company or the industry to disrupt Bob and his eventual successor is playing not only with fire but earthquakes and hurricanes as well. The company is now in excellent hands and Disney shareholders should vote for the Disney slate.”

Scott Mlyn | CNBC

Eisner’s endorsement of Iger is a big coup for the Disney CEO, who will happily take all the support he can get heading into The Walt Disney Company’s Annual Meeting on April 3.

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