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George Lucas backs Disney CEO Iger in proxy battle with Nelson Peltz, CNBC reports
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George Lucas backs Disney CEO Iger in proxy battle with Nelson Peltz, CNBC reports
Mar 19, 2024 5:36 AM

(Reuters) - Filmmaker George Lucas has backed Walt Disney ( DIS ) CEO Bob Iger in the media company's bitter proxy battle with activist investor Nelson Peltz, CNBC reported on Tuesday.

Lucas, who received 37.1 million Disney ( DIS ) shares as part of the company's $4.05 billion purchase of Lucasfilm in 2012, is currently the largest individual investor in the company, the report said, citing multiple sources.

"I remain a significant shareholder because I have full faith and confidence in the power of Disney ( DIS ) and Bob's track record of driving long-term value. I have voted all of my shares for Disney's ( DIS ) 12 directors and urge other shareholders to do the same," Lucas was quoted as saying in the report.

The backing from Lucas comes a day after Disney ( DIS ) got support from proxy advisory firm Glass Lewis that urged shareholders to re-elect all of the company's directors.

Peltz's Trian Fund Management had argued that Disney ( DIS ) was slow to adopt to changes in streaming and bungled succession planning, creating a "leadership void" and had lost its creative spark.

Lucasfilm and Walt Disney ( DIS ) did not immediately respond to Reuters' requests for comment.

(Reporting by Jaspreet Singh in Bengaluru; Editing by Anil D'Silva)

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