George Lucas Backs The Walt Disney Company Board

Star Wars creator George Lucas, Disney’s biggest individual shareholder, has thrown his weight behind the leadership of The Walt Disney Company. In a recent statement, he urged fellow investors to resist efforts by activist groups to gain board seats.

George Lucas, who sold his previous Lucasfilm company to Disney in 2012, expressed confidence in CEO Bob Iger and the board’s ability to steer the company. His remarks underscored a looming showdown at Disney’s upcoming shareholders meeting.

“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 longtime 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.”

George Lucas via Variety

Since Disney’s acquisition of Lucasfilm, Lucas has become a major shareholder in the company. With an estimated net worth of $7.9 billion, he commands significant influence in shareholder matters.

At the upcoming meeting, shareholders will decide between Disney’s proposed board lineup and nominees put forth by activist investors like Nelson Peltz’s Trian Partners and Blackwells Capital. Peltz has criticized Disney’s performance and advocated for more aggressive growth strategies.

Lucas’s endorsement of Disney’s current leadership aligns with sentiments from others. Independent advisory firm Glass Lewis has recommended shareholders support Disney’s nominees. Even descendants of Disney’s founders have rallied behind Iger and the existing board.

Disney has vehemently opposed the activist nominees, questioning their qualifications and motivations. In a recent video, the company portrayed Peltz’s campaign as disruptive, pointing out his recent sale of Disney shares amidst the proxy battle.

The conflict has intensified as Disney seeks to defend its direction under Iger’s leadership. Trian Partners, spearheaded by ex-Marvel Entertainment chairman Ike Perlmutter, has emerged as a formidable challenger, holding a substantial stake in Disney.

Amidst this shareholder strife, Lucas’s endorsement adds weight to Disney’s position. As the battle for board control rages on, the company remains steadfast in its resistance to external pressures, prioritizing continuity and long-term value creation.