Filmmaker and Hollywood icon George Lucas is throwing his weight behind Walt Disney CEO Bob Iger in the heated proxy battle with activist investor Nelson Peltz.
Lucas, who acquired 37.1 million Disney shares through Disney’s acquisition of Lucasfilm for $4.05 billion in 2012, currently stands as the company’s largest individual investor, as confirmed by multiple sources.
In a statement, Lucas expressed his support:
“Crafting magic is no task for amateurs. When I sold Lucasfilm just over a decade ago, I was thrilled to join Disney as a shareholder due to my profound admiration for its iconic brand and Bob Iger’s exceptional leadership.
Upon Bob’s recent return to the company during a challenging period, I felt reassured. Nobody understands Disney better.
As a significant shareholder, I place my full trust and confidence in Disney’s capabilities and Bob’s proven track record in driving sustainable value. I have cast all my votes for Disney’s 12 directors and encourage fellow shareholders to do the same.”
Disney has garnered significant endorsements in its confrontation with Peltz and Trian Fund Management, ranging from the descendants of Walt and Roy Disney to JPMorgan Chase CEO Jamie Dimon.
However, Lucas’s backing holds particular significance, not only due to his status as Disney’s largest individual shareholder but also because of his stature in Hollywood.
Lucas is the creative force behind iconic franchises like “Star Wars” and “Indiana Jones,” some of the most beloved films in cinematic history.
Moreover, he played a pivotal role in pioneering groundbreaking technologies such as digital film editing and computer-generated imagery.
Peltz has called on investors to nominate him and former Disney CFO Jay Rasulo to the board at the upcoming annual general meeting on April 3. Peltz aims to revamp Disney’s traditional TV channels, which he believes have faced a decline.
Meanwhile, Iger has been focused on streamlining the expansive media conglomerate to rein in expenses and turn its Disney+ streaming service profitable.
Under Iger’s leadership, Disney has undergone extensive restructuring efforts, including significant workforce reductions.
