George Lucas throws support behind embattled Disney CEO Bob Iger

Renowned filmmaker George Lucas has stepped into the arena of Walt Disney’s proxy battle, throwing his weight behind Disney CEO Bob Iger amidst a contentious standoff with activist investor Nelson Peltz.

Lucas, who garnered 37.1 million Disney shares as part of the $4.05 billion acquisition of his Lucasfilm studio by Disney in 2012, currently stands as the largest individual shareholder in the company, as reported by CNBC, citing multiple sources.

In a statement obtained by Reuters, Lucas expressed unwavering confidence in Disney and Iger, urging fellow shareholders to back the current leadership.

“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. I have voted all of my shares for Disney’s 12 directors and urge other shareholders to do the same,” Lucas affirmed.

The visionary behind the iconic “Star Wars” franchise made his stance known just a day after Disney received a pivotal endorsement from proxy advisory firm Glass Lewis, urging shareholders to re-elect all of the company’s directors.

Lucas’s endorsement of Iger stems from a longstanding relationship that traces back to Iger’s tenure at ABC Entertainment, where he greenlit the television series “The Young Indiana Jones Chronicles” in 1992.

Reflecting on the relationship, Iger noted in his autobiography, “The Ride of a Lifetime,” that this collaboration laid the groundwork for approaching Lucas about a potential acquisition of Lucasfilm.

Proxy battle

“Casting spells of creativity requires seasoned hands. When I sold Lucasfilm just over a decade ago, I was delighted to become a Disney shareholder because of my long-time admiration for its iconic brand and Bob Iger’s leadership,” Lucas stated on Tuesday.

“When Bob returned to the company during a difficult time, I was relieved. No one knows Disney better.”

Iger’s return to Disney in November 2022, following the tumultuous tenure of former CEO Bob Chapek, marked a pivotal moment for the company.

The battle for control of Disney intensifies as Peltz’s Trian Fund Management and Blackwells Capital present contrasting visions for the company’s future.

While Peltz criticizes Disney’s sluggish adaptation to streaming changes and alleged mismanagement in succession planning, Blackwells advocates for technological innovation and the potential separation of Disney’s parks and real estate assets.

In the face of these divergent viewpoints, Disney and Iger have been rallying support from prominent figures, including the grandchildren of Disney founders Roy and Walt Disney, who publicly endorsed Iger and the board, characterizing the activist investors as destabilizing forces.