George Lucas backs Disney CEO Iger in proxy battle with Nelson Peltz, CNBC reports

By Thomson Reuters Mar 19, 2024 | 7:23 AM

(Reuters) – Filmmaker George Lucas has backed Walt Disney CEO Bob Iger in the media company’s bitter proxy battle with activist investor Nelson Peltz, CNBC reported on Tuesday.

Lucas, who received 37.1 million Disney shares as part of the company’s $4.05 billion purchase of Lucasfilm in 2012, is currently the largest individual investor in the company, the report said, citing multiple sources.

“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,” Lucas was quoted as saying in the report.

The backing from Lucas comes a day after Disney got support from proxy advisory firm Glass Lewis that urged shareholders to re-elect all of the company’s directors.

Peltz’s Trian Fund Management had argued that Disney was slow to adopt to changes in streaming and bungled succession planning, creating a “leadership void” and had lost its creative spark.

Lucasfilm and Walt Disney did not immediately respond to Reuters’ requests for comment.

(Reporting by Jaspreet Singh in Bengaluru; Editing by Anil D’Silva)