George Lucas Backs Disney CEO Bob Iger in Proxy Battle
In the ongoing proxy battle between Walt Disney and activist investor Nelson Peltz, filmmaker George Lucas has thrown his support behind Disney CEO Bob Iger. Lucas, known for creating iconic franchises like “Star Wars” and “Indiana Jones,” is not only the largest individual investor in Disney but also a respected figure in Hollywood.
Lucas, who acquired 37.1 million Disney shares when Disney purchased Lucasfilm for $4.05 billion in 2012, has expressed his confidence in Iger’s leadership. In a statement to CNBC, Lucas said, “Creating magic is not for amateurs. I remain a significant shareholder because I have full faith and confidence in the power of Disney and Bob’s track record of driving long-term value.”
Disney has garnered support from various high-profile figures in its battle against Peltz and his firm, Trian Fund Management. From the heirs of Walt and Roy Disney to JPMorgan Chase CEO Jamie Dimon, many have endorsed Disney’s management team.
Peltz is seeking to join Disney’s board at the upcoming annual general meeting on April 3, proposing changes to the company’s traditional TV channels, which he views as a declining business. Meanwhile, Iger is focused on restructuring Disney to make its Disney+ streaming platform profitable, including significant layoffs to streamline operations.
The backing from Lucas is significant not only due to his large stake in Disney but also because of his influence in the entertainment industry. His endorsement adds weight to Disney’s efforts to retain control and drive long-term value for shareholders.
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Stay tuned for more updates on this ongoing proxy battle between Disney and Nelson Peltz.
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