The Walt Disney Company’s recent proxy battle has been an arduous process, but CEO Bob Iger just got a pretty hefty reinforcement in the form of a massive endorsement.

With the Disney shareholders’ virtual meeting quickly approaching on April 3rd, 2024, activist investor Nelson Peltz, former Disney CFO Jay Rasulo, and Trian Partners’ attempt to control two Board of Directors seats has been met by a fierce political-like campaign from current Disney brass. That campaign was strengthened on Tuesday when Disney and Iger got a resounding endorsement from its largest individual shareholder.

Star Wars creator George Lucas, who sold Lucasfilm to Disney in 2012, provided a written statement urging shareholders to reject the bid by Peltz and Rasulo while supporting Iger and his vision for the future of the company.

Per the Los Angeles Times and other sources, Lucas wrote:

“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. 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.”

While Lucas’ relationship with The Walt Disney Company has had its ups and downs since Disney acquired Lucasfilm, he made it a point in his statement to highlight his approval of Disney’s transition of leadership from Bob Chapek to Bob Iger. As of Tuesday, it appears Iger still maintains Lucas’ vote of confidence during a pivotal juncture.

Meanwhile, all indications point to Peltz and Jay Rasulo continuing their attempt to claim the board seats on April 3rd in, what they call, an effort to provide “independent voices in the boardroom.”

We’ll keep you posted on further updates from this proxy battle ahead of the April 3rd shareholders meeting, so stay tuned here at DFB for all the latest!

Disney Activist Investors Say They “Weren’t Out To Fire the CEO” Bob Iger

 

The post “Creating Magic Is Not for Amateurs.” — George Lucas Backs Disney CEO Bob Iger Amid Proxy Battle first appeared on the disney food blog.