Disney CEO Bob Iger remains locked in proxy battles with Trian’s Nelson Pelts and Blackwells Capital. Recently voicing his support for Disney is George Lucas, the creator of “Star Wars” and founder of Lucasfilm.
Disney acquired Lucasfilm in 2012 during Mr. Iger’s first tenure as CEO. Since then, Disney has made several “Star Wars” films and Disney+ shows, as well as a final “Indiana Jones” film.
Mr. Lucas recently issued the following statement:
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. 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.
– George Lucas
Others supporting Disney include Walt and Roy Disney’s grandchildren, proxy advisory company Glass Lewis, and JP Morgan Chase CEO Jamie Dimon.
Trian Partners nominated Nelson Pelts and former Disney CFO Jay Rasulo for the Disney Board of Directors.
In our view, Disney’s strategic missteps and declining financial performance can be laid at the feet of its Board, which we believe lacks focus, alignment and accountability.
– Trian white paper
Blackwells Capital has nominated former Warner Brothers and NBCUniversal executive Jessica Schell, Tribeca Film Festival co-founder Craig Hatkoff, and TaskRabbit founder Leah Solivan. Their suggestions include more use of Artificial Intelligence (AI).
Disney has urged shareholders not to vote for either Trian’s or Blackwells’ nominees but rather has nominated its own current Board members. Votes will be tallied and results announced at the annual shareholders meeting on April 3, 2024.
Do you think Disney will be successful in nominating its current Board members?