George Lucas says 'no one knows Disney better' as he backs Bob Iger in proxy fight with Peltz

Legendary filmmaker George Lucas is backing Disney and CEO Bob Iger in the company's proxy fight with activist investor Nelson Peltz.

"No one knows Disney better" than CEO Bob Iger, Lucas said in a statement seen by Reuters.

"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," he reportedly said. "I have voted all my shares for Disney’s 12 directors and urge other shareholders to do the same."

Lucas has been a Disney shareholder since selling his production company, Lucasfilm, to the media giant in 2012 for more than $4 billion in cash and stock.

Lucas said he was "delighted" to have a stake in Disney "because of my longtime admiration of its iconic brand and Bob Iger’s leadership" and was "relieved" when Iger returned in 2022, according to Reuters.

Disney and Iger have faced criticism from Peltz and his hedge fund, Trian Partners, as the two sides continue to engage in the proxy fight that began at the end of November.