Star Wars creator George Lucas has shared a statement in support of Disney's board and CEO Bob Iger amid the company's ongoing proxy fight with activist investors.
As Disney's largest individual shareholder, Lucas has made his stance clear on which side of the battle he stands on, saying "no one knows Disney better" than Iger, who has faced pushback in recent times from two activist investor groups: Nelson Peltz and Blackwells Capital.
"Creating magic is not for amateurs. 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 said in a statement on Tuesday, per Variety. "When Bob recently returned to the company during a difficult time, I was relieved. No one knows Disney better. 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."
Disney acquired Lucasfilm in 2012 for $4 billion, giving the company ownership of the Star Wars and Indiana Jones franchises, plus Industrial Light & Magic and Skywalker Sound, while Lucas received 37.1 million Disney shares. He has now amplified support for Iger and Disney by urging shareholders to re-elect the directors.
Nelson Peltz of the hedge fund Trian Partners has raised an argument against voting for the current board members, as he has claimed, per Variety, that "Disney's stock has underperformed the market and that the company needs to adopt and execute more urgent strategies to drive sustained and profitable growth."
The 2024 shareholder meeting of The Walt Disney Company will take place on April 3, when a vote will occur regarding board members, as activist groups seek to replace current members with their nominees. Disney has opposed the candidates as lacking "the appropriate range of talent, skill, perspective and/or expertise."
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Adele Ankers-Range is a freelance entertainment writer for IGN. You can follow her on X/Twitter @AdeleAnkers.
