1 month ago
Legendary filmmaker George Lucas is backing Disney and CEO Bob Iger successful nan company's proxy conflict pinch activistic investor Nelson Peltz.
"No 1 knows Disney better" than CEO Bob Iger, Lucas said successful a connection seen by Reuters.
"I stay a important shareholder because I person afloat religion and assurance successful nan powerfulness of Disney and Bob’s way grounds of driving semipermanent value," he reportedly said. "I person voted each my shares for Disney’s 12 directors and impulse different shareholders to do nan same."
George Lucas attends nan Chanel Haute Couture Fall/Winter show arsenic portion of Paris Fashion Week connected July 4, 2023. (Arnold Jerocki / Getty Images)
Lucas has been a Disney shareholder since trading his accumulation company, Lucasfilm, to nan media elephantine successful 2012 for much than $4 cardinal successful rate and stock.
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Lucas said he was "delighted" to person a liking successful Disney "because of my longtime admiration of its iconic marque and Bob Iger’s leadership" and was "relieved" erstwhile Iger returned successful 2022, according to Reuters.
Disney and Iger person faced disapproval from Peltz and his hedge fund, Trian Partners, arsenic nan 2 sides proceed to prosecute successful nan proxy conflict that began astatine nan extremity of November.
Disney's Bob Iger attends nan sneak peek of Peter Jackson's "The Beatles: Get Back" astatine El Capitan Theatre connected Nov. 18, 2021, successful Hollywood, California. (Charley Gallay/for Disney / Getty Images)
FOX Business reached retired to Trian for comment.
The patient has put guardant Peltz and erstwhile Disney CFO James Rasulo arsenic committee nominees arsenic portion of nan proxy fight, saying they will thief "restore nan magic" astatine the intermezo giant.
In a Monday missive to Disney shareholders, Trian based on nan institution has "lost its way" and its financial capacity "has deteriorated," including nan worth of its stock. It specifically raised issues pinch box agency performance, streaming and linear TV.
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The patient said Peltz and Rasulo would bring "focus, alignment and accountability to nan Company’s boardroom" if elected.
| DIS | THE WALT DISNEY CO. | 114.96 | +0.44 | +0.38% |
Disney has based on that nan committee nominees of Trian and another, abstracted activistic investor "do not person nan qualifications aliases acquisition to beryllium effective Disney directors, and could disrupt nan Company’s important progress," thing nan activistic investors person pushed backmost on.
The institution has besides told investors its "strategic translator is working" and its committee and guidance "are delivering connected our commitments to create superior, sustainable shareholder value."
Walt Disney Studios successful Burbank, California, connected Feb. 9, 2023. (Eric Thayer/Bloomberg via / Getty Images)
In summation to Lucas, others person stood by Disney and its CEO successful caller weeks, including Disney family members and JPMorgan Chase CEO Jamie Dimon.
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Glass Lewis, a proxy voting advisory firm, besides precocious recommended that Disney shareholders broadside pinch nan intermezo giant’s slate successful nan committee vote.
The proxy conflict betwixt Trian and Disney is expected to travel to a caput astatine nan intermezo giant’s shareholder gathering successful early April. The firm, which controls $3.5 cardinal worthy of Disney stock, mounted a proxy conflict past twelvemonth arsenic well.
Both Disney and Trian person been issuing communications to shareholders successful nan meantime.
