George Lucas weighs in on the internal investor battle at Disney.
Star Wars and Indiana Jones creator George Lucas backs CEO Bob Iger in Disney’s investor battle.
In the ongoing investor battle between The Walt Disney Company and investor Nelson Peltz, legendary filmmaker George Lucas has thrown his support behind Disney CEO Bob Iger. Lucas penned a statement urging the board and shareholders to reject Peltz’s bid for a board seat. Investors claim Disney has under-performed under Iger’s leadership despite challenges inherited from former CEO Bob Chapek amid the COVID-19 pandemic. Lucas is Disney’s largest individual investor after the company’s acquisition of Lucasfilm in 2012. The director emphasized his confidence in Iger’s leadership and Disney’s potential for long-term value. He stressed the importance of expertise in “crafting magic” and highlighted his admiration for Disney’s brand and Iger’s track record.
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In a statement provided to CNBC, Lucas stated, “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. 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.”
Bob Iger has received support from influential figures such as the heirs of Walt and Roy Disney alongside JPMorgan Chase CEO Jamie Dimon. As the April 3 shareholders’ vote approaches, the battleground intensifies with investors such as Brian Partners nominating Peltz and former Disney CFO Jay Result, while Blackwells Capital puts forward three candidates.
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George Lucas Throws Support Behind Disney’s Bob Iger
The backing from George Lucas carries significant weight due to his substantial ownership and his iconic status in Hollywood. Lucas is known as the creative genius behind the Star Wars and Indiana Jones franchises, as well as a pioneer in digital film editing and computer-generated imagery. Nelson Peltz is an American billionaire investor who holds chairman positions at Wendy’s Company, Sysco and The Madison Square Garden Company.
Peltz aims to reshape Disney’s traditional TV channels which he sees as declining while Iger focuses on streamlining operations and boosting profitability through the Disney+ streaming platform alongside significant restructuring efforts which include layoffs.
Disney’s future will be significantly shaped by the outcome of the April 3 investor’s vote.
Source: CNBC
Star Wars
The original trilogy depicts the heroic development of Luke Skywalker as a Jedi and his fight against Palpatine’s Galactic Empire alongside his sister, Leia. The prequels tell the tragic backstory of their father, Anakin, who is corrupted by Palpatine and becomes Darth Vader.
- Created by
- George Lucas
- Latest Film
- Star Wars: Episode XI – The Rise of Skywalker
- First Episode Air Date
- November 12, 2019
- Cast
- Mark Hamill , Carrie Fisher , Harrison Ford , Hayden Christensen , Ewan McGregor , Natalie Portman , Ian McDiarmid , Daisy Ridley , Adam Driver , Rosario Dawson , Pedro Pascal
- Where to Stream
- Disney+
- Comic
- Star Wars: Revelations
