In a surprising turn of events, Star Wars creator George Lucas has publicly voiced his support for Disney’s board and CEO Bob Iger amidst a contentious battle with activist investor groups. Lucas, who sold Lucasfilm to Disney over a decade ago, emphasized his admiration for the company’s iconic brand and Iger’s leadership in a recent statement. As Disney’s largest individual shareholder, Lucas expressed confidence in Iger’s ability to drive long-term value and urged fellow shareholders to support the current board.
Lucas’ endorsement of Disney’s leadership comes at a crucial juncture as investors prepare to vote on competing board candidate slates at the upcoming annual shareholders meeting. The activist investors, led by Nelson Peltz’s Trian Partners, are pushing for seats on the board due to concerns about Disney’s stock performance and growth strategies. However, Lucas’s belief that “creating magic is not for amateurs” underscores the importance of experience and expertise in guiding a company as influential as Disney, especially in the competitive media landscape.
Despite the mounting pressure from activist investors, Disney has stood firm in its opposition to their proposed board nominees, citing a lack of necessary skills and expertise. With the support of influential figures like George Lucas and the grandchildren of Disney’s founders, the current board led by Bob Iger appears well-positioned to weather the storm and continue driving the company’s success in the years ahead.