In a recent statement, renowned filmmaker George Lucas expressed his unwavering support for The Walt Disney Company and its CEO, Bob Iger, as they navigate a contentious proxy battle against activist investor Nelson Peltz. Lucas, who became a significant Disney shareholder following the sale of Lucasfilm to the company in 2012, emphasized his trust in Iger’s leadership and the iconic brand’s ability to create magic.
The proxy battle, initiated by Peltz’s investment firm Trian Group, revolves around a series of grievances, including management, strategy, stock price, and board accountability. Trian has nominated Peltz and former Disney executive Jay Rasulo for two seats on Disney’s board, asserting that their presence could address these concerns. However, Disney firmly rejects Trian’s claims and maintains that its current board possesses the necessary expertise to navigate the complex media landscape.
As the annual meeting approaches on April 3, both sides have been actively engaging with shareholders to secure their votes. While Trian has been conducting an aggressive outreach campaign, Disney has garnered support from influential figures such as JPMorgan Chase CEO Jamie Dimon, Yale School of Management dean Jeffrey Sonnenfeld, and the family of founder Walt Disney.
In his statement, Lucas highlighted his long-standing admiration for Disney’s brand and Iger’s leadership, expressing relief at Iger’s recent return to the company during challenging times. He affirmed his confidence in Iger’s ability to drive long-term value and urged fellow shareholders to vote for Disney’s 12 director nominees.
The outcome of this proxy battle will be determined by the shareholder votes, with the results set to be revealed at the upcoming annual meeting. As the situation unfolds, the future direction of Disney hangs in the balance, with both sides vying for control over the iconic entertainment giant’s strategic trajectory.
