George Lucas has added his support to Disney CEO Bob Iger in the run-up to the virtual annual shareholder meeting on April 3.
The Star Wars creator said in a statement issued on Tuesday that “no one knows Disney Better” than Iger, who is in the midst of a proxy battle with activist investors for control of the board.
“Creating magic is not for amateurs,” Lucas, believed to be Disney’s largest individual shareholder, said. “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.”
Nelson Peltz of Trian as well as Blackwells Capital are vying for seats on the Disney board and have called on it to increase efficiencies and overhaul the TV business at the storied entertainment company.
In recent weeks the grandchildren of Walt and Roy Disney have thrown their support behind Disney, as have proxy voting advisors Glass Lewis, who recommended Disney shareholders vote for Disney’s 12 proposed board members.
Lucas sold Lucasfilm to Disney for $4bn in 2012.
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