George Lucas is giving his all-out support to Disney CEO Bob Iger following his controversial proxy fight with activist investors. The Lucasfilm boss remarked how satisfied he is as a shareholder and is very happy with how his franchise turned out after selling it to Disney.
The issue started after Nelson Peltz and the Blackwells Capital expressed their dissatisfaction with Disney’s stock performance. Peltz in particular was dismayed with how things were turning out within the company.
George Lucas Expressed Satisfaction With Bog Iger’s Leadership At Disney
George Lucas is one of the high-profile figures to cast his vote on Bob Iger. Disney acquired Lucasfilm for $4 billion, and so far, the veteran filmmaker is confident about the business tycoon’s management. He said in a statement via The Hollywood Reporter:
“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.”
Iger previously stepped down as CEO after running the company from 2005 to 2020. He revealed that the reason behind this decision was he found himself becoming more dismissive of other people’s opinions. He returned shortly after Bob Chapek, who assumed Iger’s position, was fired by Disney.
“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.”
Lucas firmly stood by his decision and even encouraged others to support Iger during this tough time.
“I have voted all of my shares for Disney’s 12 directors and urge other shareholders to do the same.”
Disney’s ongoing proxy fight remains an issue that is yet to be resolved, though this is not the first time the company faced such controversy. About 20 years ago, more than 40 percent of shareholders voted against then-Disney CEO Michael Eisner, who immediately lost his position.
Disney Addressed Nelson Peltz’s Proxy Fight
Disney released a response in their 2024 Annual Meeting and Proxy Statement regarding the issue concerning the proxy fight. The board discussed each candidacy and provided explanations as to why they had been rejected.
“In deciding not to recommend Mr. Peltz, the directors considered a number of factors, including that in a two-year quest for a seat on the Disney Board, Mr. Peltz had not actually presented a single strategic idea for Disney.”
Furthermore, the company pointed out Peltz’s lack of experience in other areas and departments, which backs up Disney’s decision not to recommend him.
“Mr. Peltz’s experience was primarily in commodity consumer packaged goods businesses and not the media or technology sector, that Mr. Peltz had no experience in a business that is primarily driven by creative talent and focused on delivering uniquely memorable customer experiences.”
As Iger and Disney’s board deal with the proxy fight, the CEO knows that Lucas will be fully supporting him from the sideline.
