Key Takeaways:
– George Lucas expresses support for Bob Iger against the proxy fight initiated by activist investors.
– Lucas encourages all shareholders to vote in favor of all 12 Disney directors, showcasing faith in the leadership.
– Disney addresses Nelson Peltz’s proxy fight in their 2024 Annual Meeting and Proxy Statement, deciding not to recommend him due to reasons including his lack of a strategic plan for Disney.
Support for Iger from Lucas
George Lucas, the celebrated filmmaker and the brain behind Lucasfilm’s success, publicly extends his support to Disney CEO Bob Iger amidst the proxy fight controversy. The conflict began after activist investors Nelson Peltz and Blackwells Capital voiced out their discontent on the performance of Disney’s stock. Being a significant shareholder of Disney, Lucas praised Iger’s leadership and expressed his satisfaction with the company’s direction since selling Lucasfilm to Disney.
In a statement released through The Hollywood Reporter, Lucas said, “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.”
Bob Iger’s Return to the Helm
Iger, having led Disney from 2005 to 2020, had briefly stepped down from his position as CEO before making a return. He attributed his initial departure to becoming more dismissive of others’ opinions. When Iger returned to stabilize the company after the firing of Bob Chapek, who was his brief successor, Lucas was notably 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 further added.
Iger’s Support Amid Proxy Fight
Lucas fully supports Iger during these challenging times and has voted for all of Disney’s 12 directors. He is also urging other shareholders to follow suit. “I have voted all of my shares for Disney’s 12 directors and urge other shareholders to do the same,” Lucas urged.
Controversy at Disney: A Familiar Scenario
Disney’s ongoing proxy fight isn’t the first of its kind for the company. Around two decades back, more than 40 percent of shareholders voted against then-Disney CEO Michael Eisner, leading to his abrupt exit.
Disney Reacts to Peltz’s Proxy Fight
Disney addressed the proxy fight initiated by Nelson Peltz in their 2024 Annual Meeting and Proxy Statement. In the statement, the board explained why they rejected Peltz’s candidacy. The directors cited a lack of a strategic plan for Disney and Peltz’s unfamiliarity with the media or technology sector, among other reasons.
As for Iger, he knows that throughout the proxy fight, he has the full support of George Lucas. As they say, sometimes, it’s the support you get from sides you least expect that helps you weather the roughest of storms. In this case, it seems Lucas is that unexpected, but welcome support for Iger.
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