George Lucas Backs Disney Board & CEO During Proxy Fight

George Lucas has openly endorsed Disney's CEO Bob Iger during a proxy fight with investors, expressing strong support for Iger's leadership and the company's current board of directors. As the biggest individual shareholder of Disney since selling Lucasfilm in 2012, Lucas emphasizes the value of expertise in "creating magic" and has confidence in Disney's potential for long-term growth. He encourages other shareholders to vote for the re-election of the current board at Disney's upcoming April 3rd shareholder meeting, opposing candidates proposed by activist groups. This news follows tensions with investors like Nelson Peltz from Trian Partners, who criticizes the performance of Disney's stock and calls for more aggressive growth strategies.

George Lucas's support for Bob Iger and Disney's board is significant because it represents a public endorsement from a prominent figure in the entertainment industry, and as the largest individual shareholder, his opinion could influence other shareholders' votes in the upcoming Disney shareholder meeting.

Background Information: George Lucas is the creator of the ‘Star Wars’ franchise, which he sold to The Walt Disney Company in 2012 for approximately $4 billion. The sale included not only the ‘Star Wars’ franchise but also the ‘Indiana Jones’ franchise, as well as the companies Industrial Light & Magic and Skywalker Sound. Bob Iger, the CEO of Disney, played a pivotal role in the acquisition and has since spearheaded numerous initiatives within Disney, including the expansion of its media franchises and the launch of the Disney+ streaming service.