Los Angeles, California – Star Wars creator George Lucas has publicly voiced his support for Disney’s board of directors and CEO Bob Iger, advising shareholders to resist bids by two activist investor groups seeking seats on the company’s board. Lucas, who sold Lucasfilm to Disney in 2012 for $4 billion, expressed his confidence in Iger’s leadership and the long-term value of Disney.
In a statement released on Tuesday, Lucas emphasized the importance of expertise in the entertainment industry, stating, “Creating magic is not for amateurs.” He highlighted his admiration for Disney’s iconic brand and his belief in Iger’s ability to navigate challenging times. Lucas urged fellow shareholders to vote for Disney’s 12 directors at the upcoming annual shareholders meeting.
Scheduled for April 3rd, the shareholders meeting will include a vote on board candidates from different groups: Disney’s existing lineup, Nelson Peltz’s Trian Partners nominees, or Blackwells Capital nominees. Peltz has argued that Disney’s stock performance has been below expectations and called for more aggressive strategies for growth.
Lucas’s statement resonates with Disney’s defense against the activist investors, particularly Peltz, who lacks media industry experience. The support for Disney’s board has also come from the grandchildren of Disney’s founders, Walt and Roy O. Disney, who have publicly endorsed Iger and the current directors.
As the board battle intensifies, Disney has released strong rebuttals against Peltz and his associates, questioning their motivations and raising concerns about their intentions. The company has urged shareholders to support its nominees, emphasizing the diverse expertise and talent within the existing board.
Despite the challenges posed by the activist investors, Disney remains resolute in its stance against external interference in its corporate governance. With the support of influential figures like George Lucas and the descendants of its founders, the company continues to defend its position and leadership decisions ahead of the upcoming shareholders meeting.