George Lucas has backed Disney‘s board and CEO Bob Iger as a proxy battle looms, with activist investor groups trying to take seats on their board. Disney is currently facing pressure from two investment companies, Trian Partners and Blackwells Capital, who want to take seats on the company’s board. An investor vote will be held on April 3 to determine if the 12-person board will remain the same, or if candidates from these investment firms will be brought aboard instead.
Now, Variety reports that Lucas, creator of the Star Wars franchise, has offered his support to Disney’s board and Iger. The filmmaker – who is the biggest individual shareholder in the company – indicated his trust in current leadership while implying the investment firms wouldn’t be able to make as creative media as the current board. Check out what Lucas had to say below:
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.
Why George Lucas Is Backing The Disney Board
Between the two investment firms vying for more power at Disney, Trian Partners appears to be the central one, with Disney investor Nelson Peltz being a founding partner of the group. Peltz’s argument for board seats for his group – one of which would go to him – is because of Disney’s stock underperforming. This includes damage done from Disney’s multiple 2023 box office bombs, which resulted in a net loss hovering around $1 billion.
Lucas’ backing of Disney during this board battle makes sense, as his large investment in the company means he’s influenced to support the side he knows will bring him a net positive. However, there’s also the creative aspect of it, with Peltz himself saying he has no media experience despite wanting control over the board. Disney has also released statements urging shareholders not to support Trian or Blackwells for similar reasons, something that resonates in the Star Wars creator’s statement.
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While Lucas’ backing is a good sign for Disney‘s vote on April 3, their box office troubles over the last year could influence shareholders to vote Trian and Blackwells members onto the board regardless. Depending on how the vote proceeds, this could result in a major creative shift within the company, making its future unclear. However, Lucas’ points could sway enough investors to keep Disney’s current leadership the same.
