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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 5:56 AM

March 19 (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.

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