George Lucas Backs Bob Iger in Disney Proxy Battle
As Disney's shareholder vote approaches, George Lucas's support significantly strengthens CEO Bob Iger's position against activist investors.
Overview
- George Lucas, the largest individual holder of Disney stock, endorses Bob Iger's leadership ahead of the April 4 shareholder vote, significantly boosting Iger's position.
- Disney faces a proxy battle instigated by Trian Partners and Blackwells Capital, aiming to replace current board members with their nominees.
- Analysts speculate a victory for Iger due to recent recovery in Disney's share price and high-profile support, including from JPMorgan Chase CEO Jamie Dimon.
- Nelson Peltz's Trian Fund Management, which beneficially owns $3.5 billion in Disney stock, criticizes the company's performance and succession planning.
- Disney counters Peltz's campaign with a political-style attack ad and endorsements from corporate governance advisory firm Glass Lewis and Disney heirs.