Filmmaker and Hollywood legend George Lucas has thrown his support behind Walt Disney CEO Bob Iger in the ongoing proxy battle between Disney and activist investor Nelson Peltz. Lucas, who received a significant number of Disney shares as part of the company’s acquisition of Lucasfilm in 2012, is currently the largest individual investor in Disney.
In a statement provided to CNBC, Lucas expressed his admiration for Disney’s iconic brand and Iger’s leadership, stating that he became a Disney shareholder because of his long-time admiration for the company. He also highlighted Iger’s return to the company during a difficult time and his track record of driving long-term value. Lucas urged other shareholders to vote for Disney’s 12 directors, indicating his full faith and confidence in the power of Disney.
Disney has garnered support from various high-profile endorsements in its battle against Peltz and his firm, Trian Fund Management. These endorsements include the heirs of Walt and Roy Disney and JPMorgan Chase CEO Jamie Dimon. However, Lucas’ endorsement is particularly significant due to his standing in Hollywood and his role as Disney’s largest individual shareholder.
Lucas is renowned for creating the beloved “Star Wars” and “Indiana Jones” franchises, which are among the most popular films in history. He also played a crucial role in pioneering tools such as digital film editing and computer-generated imagery. His support not only reinforces Iger’s leadership but also adds credibility to Disney’s position in the proxy battle.
On the other hand, Peltz aims to be nominated alongside former Disney Chief Financial Officer Jay Rasulo to the board at Disney’s annual general meeting on April 3. Peltz seeks to overhaul Disney’s traditional TV channels, which he believes have been facing challenges in today’s evolving media landscape. Meanwhile, Iger has been focused on streamlining Disney and making its Disney+ streaming platform profitable. This includes implementing broad restructuring measures, such as thousands of layoffs, to rein in spending.
As the proxy battle intensifies, Lucas’ endorsement serves as a vote of confidence in Iger’s strategic direction for Disney. His support not only solidifies Iger’s position within the company but also reinforces Disney’s standing in the industry. With Lucas’ backing, Disney is poised to navigate the challenges ahead and continue its legacy of creating magical experiences for audiences worldwide.
