George Lucas, the renowned creator of Star Wars, is throwing his weight behind Disney CEO Bob Iger amidst a proxy battle with activist investors ahead of the company’s upcoming annual meeting.

Lucas’s Endorsement

In a statement released on Tuesday, Lucas expressed his unwavering confidence in Iger’s leadership and the enduring power of Disney. Lucas, who remains one of Disney’s largest individual shareholders since selling Lucasfilm to the company in 2012, emphasized his admiration for Disney’s iconic brand and Iger’s stewardship.

Trust in Iger’s Leadership

Lucas highlighted Iger’s pivotal role in steering Disney through challenging times, emphasizing his belief in Iger’s ability to create long-term value for shareholders. Stressing the importance of experience and expertise, Lucas urged fellow shareholders to support Disney’s board members, affirming his alignment with Iger’s vision for the company.

Proxy Challenge and Response

The statement comes amidst a proxy challenge mounted by activist investors Nelson Peltz’s Trian Fund Management and Blackwells Capital, who are vying for seats on Disney’s board. These investors have criticized Disney’s financial performance, streaming strategy, and succession planning.

Support from a Hollywood Icon

Lucas’s endorsement carries significant weight not only due to his substantial Disney shareholdings but also because of his iconic status in Hollywood. With his Star Wars franchise’s enduring popularity and profitability, Lucas’s support reinforces Iger’s leadership amidst external pressures.

Financial Impact and Influence

Lucas’s net worth, predominantly tied to Disney shares, underscores the magnitude of his endorsement. While activist investors like Trian hold considerable shares, Lucas’s voice resonates widely within the industry and among shareholders, bolstering confidence in Disney’s leadership.

Conclusion: Unwavering Support for Iger

As Disney gears up for its annual shareholder meeting, George Lucas’s backing of Bob Iger underscores a vote of confidence in Disney’s trajectory and leadership. With Lucas’s endorsement, Iger receives a powerful affirmation of support amidst ongoing challenges, further solidifying his position at the helm of the entertainment giant.