Credit: Inside the MagicJust one day after Bob Iger received the support of a powerful proxy advisor in the battle for the Disney board of directors, the embattled CEO has received an even more significant endorsement. George Lucas, the creator of Star Wars, co-creator of Indiana Jones, and the single largest shareholder of Disney stock, is publicly backing Iger’s leadership, spelling all-but-certain defeat for the attempted corporate takeover.
Since George Lucas sold Lucasfilm to the Walt Disney Company (and with it, the incredibly lucrative Star Wars franchise) in 2012, he has largely retreated from the headlines. That is not terribly surprising; after all, the man who dreamed up a galaxy far, far away has to deal with decades of outrage from fans who have been upset by everything from how long it took him to make the prequel trilogy to what he included in the prequel trilogy to refusing to make a sequel trilogy.
Related: Disney Says Goodbye to George Lucas
So when George Lucas accepted an offer from Bob Iger (during his first tenure as Disney CEO) to sell Star Wars for $4 billion dollars, it made a certain amount of sense that he no longer wished to be in the spotlight. However, the proxy battle between Iger, Trian Partners, and Blackwells Capital has prompted Lucas to throw his weight behind the current board of directors.
On April 4, Disney shareholders will vote on the next company board of directors. While the CEO may (basically) run day-to-day operations, Bob Iger still has to answer to the board, which has the ability to get rid of him at basically any point, much as it did Bob Chapek two years ago. In effect, the board decides who runs the most iconic media company in the world.
For the second time in two years, Disney is facing a proxy battle for the board, a kind of attempted corporate takeover. Also, for the second time, this particular battle was instigated by Trian Partners, an activist investor group known for its aggressive campaigns to seize boards of directors and force its corporate strategies on a company.
Trian has nominated its co-founder Nelson Peltz and former CFO Jay Rasulo to the board and has been launching attacks at the current lineup and Bob Iger for months. At the same time, Blackwells Captial, another investor group, has nominated Jessica Schell, Craig Hatkoff, and Leah Solivan and is openly accusing current Disney leadership of inappropriate financial relationships in exchange for proxy support.
But while Bob Iger may have some powerful adversaries in the proxy battle, he has been gaining high-profile allies at an increasing rate as the voting date nears. JPMorgan Chase CEO Jamie Dimon has lent his support to the CEO, saying, “Bob is a first-class executive and outstanding leader who I’ve known for decades,” while proxy advisory group Glass Lewis issued a report praising current leadership plans and dismissing Trian Partners out of hand.
Now, Bob Iger has received his most powerful supporter yet, George Lucas. According to CNBC, the Star Wars creator is the largest individual holder of Disney stock, outstripping even former Marvel Entertainment Chairman Ike Perlmutter, who Disney recently accused of masterminding the entire proxy struggle over personal beef with the CEO.
In a statement, George Lucas said, “Creating magic is not for amateurs. 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.”
Related: Trian Partners Goes Nuclear Over Disney Claims: “Irrelevant” “Failures”
Much like Jamie Dimon, it appears that Lucas is attempting to sway shareholders through both his personal experience with Iger and the company’s recent financial uptick. He continued, “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.”
While powerful organizations like Trian and individuals like Jamie Dimon may hold a lot of weight for financial gurus, it is undeniable that George Lucas is one of the most famous filmmakers and tech moguls in the world. That will likely sway a whole lot of votes to Bob Iger and the current board. Unless Trian and Blackwells have some unexpected ace in their sleeves, it certainly seems like Iger has his victory assured.
Do you think George Lucas has the influence to sway shareholders to his side? Let us know in the comments below!