Bob Iger is failing as CEO the same way Michael Eisner failed as Disney’s CEO. Eisner was eventually forced to leave the company.

A little over a year into Iger’s second stint as CEO. and his return to the House of Mouse isn’t going as planned. The decline of Disney’s long-lucrative TV business is quickening, and the supposed solution, streaming, has left Disney with billions of dollars in losses.

Iger has acknowledged that righting the ship has proved harder than expected, but he’s told employees that after months of “fixing” that included major job cuts and restructuring, he’s ready to build a new Disney. “I can tell you building is a lot more fun than fixing,” he said at a town hall meeting with employees in late November.

In many ways, Iger cuts a very different figure in the C-suite than his predecessor. Eisner came to the CEO job with a glittering resume as a creative executive—he came up with the idea for the sitcom “Happy Days” in an airport while waiting out a snowstorm and was closely involved in the making of “Raiders of the Lost Ark.” He had a management style contemporaries said could sometimes be chaotic.

Iger, on the other hand, spent most of his early career as an ABC broadcasting executive focused on programming the network’s schedule. As CEO of Disney, he has been viewed as a savvy people manager and visionary dealmaker who placed smart bets to acquire Pixar, Star Wars parent Lucasfilm and Marvel Entertainment. He set the stage for talent to flourish, his supporters say.

Despite the stark differences between the men, Iger’s former colleagues, friends and competitors say privately that he is making many of the same mistakes and stumbling into some of the same traps that Eisner did many years ago.

With the stock trading around 10-year lows, Iger is facing his own activist battle with Nelson Peltz of Trian Fund Management. Disney is on the hook to pay billions to Comcast for full ownership of the streaming service Hulu, even as the company is still digesting its $71.3 billion acquisition of Fox assets—all eerie echoes of the past.

“Iger has systematically eliminated any executive who could become a successor. To me it’s a real black mark on Iger’s record,” said Gary Wilson, an investor and former chief financial officer of Disney who spent 21 years on Disney’s board, up to and including the first hiring of Iger as CEO.

Nelson Peltz has brought in the former CFO for Disney, Jay Rasulo WHO KNOWS where the bodies are buried and how badly the company is currently being run to join him in pushing to get seats and effective control of the board of directors at Disney. Normally 2 board seats would not give someone control of a company, however everyone knows well Nelson Peltz plays hardball and very often gets exactly what he wants with multi-billion dollar companies.

Former CFO, Jay Rasulo had THIS to say TODAY in their public press release about Disney, ““The Disney I know and love has lost its way. As independent voices in the boardroom, Nelson and I are confident that the combination of my decades of experience at Disney, Nelson’s significant boardroom skills and history of driving positive strategic change, and our combined consumer brands expertise and financial acumen, will be additive to the Disney board. With a shareholder mandate, Nelson and I look forward to helping the board and management reorient the company towards delighting its consumers again and driving significant value for its owners.”

Peltz’s Trian Fund Management said Disney shareholders have lost about $70 billion in value since the activist ended its first campaign in February. Trian said that it spoke to Disney CEO Bob Iger on Thursday and that the company’s board agreed to meet with the investment firm but wouldn’t grant its request for board representation.

Activist investor Nelson Peltz, who’s looking to shake up Disney‘s board, plans to nominate two directors as candidates for directors of the Mouse House’s board: Peltz himself, and former Disney CFO Jay Rasulo.

“Disney is one of the most iconic companies in the world with unrivaled scale, unparalleled customer loyalty, irreplaceable intellectual property (IP) and an enviable commercial flywheel. However, Disney has woefully underperformed its peers and its potential,” Trian said in a statement.

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