Big names back Disney at critical time in activists' battle
What do George Lucas, Jamie Dimon and the family of Walt Disney have in common?
The creator of Star Wars, the billionaire Wall Street chief executive officer and the descendants of Walt Disney’s founders have thrown their support behind CEO Bob Iger and the entertainment company’s board nominees in a high-stakes fight.
All expressed faith in Iger’s leadership and plans for reinvigorating the century-old company, implying shareholders should not let activist investors Nelson Peltz’s Trian Fund Management or Blackwells Capital into the Disney castle.
The hedge funds said Disney lost its creative spark, bungled succession planning and was slow to embrace new technology.
They are seeking board seats to fix the perceived problems.
The Disney backers have created a string of public endorsements rarely seen in proxy fights that corporate governance experts, investors and bankers are calling noteworthy, savvy and timely.
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