Roy Disney says Eisner should be ousted now

channelnewsasia.com/ ^ | sep 13, 04 | channelnewsasia.com

[churchillbuff]

NEW YORK : Roy Disney, heading a dissident shareholder group at the Walt Disney Co., urged board members to accelerate the departure of chief executive Michael Eisner, who plans to resign in September 2006.

Roy Disney and former board member Stanley Gold, in a letter to the board, called for an immediate search for a new top executive.

Eisner's announcement Friday that he would quit in September 2006 "forces you to make a critical decision," the letter said.

"Will you choose to let the company drift for two more years ... Or will you reject Mr. Eisner's brazen attempt to usurp your responsibilities as directors by stage-managing the appointment of his anointed successor and instead tangibly show your commitment to best corporate practices by immediately initiating an expeditious and broad search for a world-class CEO?"

Eisner's leadership sparked a shareholder revolt led by Roy Disney, nephew of the company founder, who blamed the top executive for lackluster performance in recent years.

The group was forced to fight off a hostile bid by US cable group Comcast in April, while Eisner finally won support from the Disney board in May after 43 percent of shareholders voted to oust him in early March.

[churchillbuff]

Apparently Eisner won't say whether he'd seek the chairmanship, or keep his seat on the board, after "retiring" as CEO. This guy won't release his death grip on the company he's done so much to damage. And the board is scared of him, so he may be around until the big guy upstairs says his number's up, and that could be years. Sorry, Disney shareholders.

[churchillbuff]

ping

[Mount Athos]

Why say "sorry shareholders"?
The shareholders can dump him when they want with a simple vote.

[Jalapeno]

I think it was over after the shareholders meeting and nothing substantial happened. Eisner has show the whole "shareholders are your boss" theory is false. Roy Disney must be seeing that by now. He can make a lot of noise and embarrass them, but that's it.

Stick a fork in it. Disney is done.

[upchuck]

I don't know much about Eisner. But reading this article and the comments, it would appear he's an arrogant, greedy SOB.

[Sen Jack S. Fogbound]

Too many CEOs hang on to their post, forgetting the fact that they serve at the pleasure of the Board of Directors.

Shareholders own the company. They "hire" the Board of Directors to run the company for them. The Board of Directors hires the Chairman and the President (not the same person).

Then the Chairman fixes it so the Board cannot fire them! Often they are the CEOs and the President at the same time! This is against the principle of the idea! Sheesh!

[churchillbuff]

I don't know much about Eisner. But reading this article and the comments, it would appear he's an arrogant, greedy SOB.""

HE's also leftist, anti-christian. He has a demonstrated frightening talent for accumulating and holding power and personal wealth and intimidating the board --- but he's incompetent at growing a successful company, because Disnay has floundered under his leadership (in the 10 years since his more - talented partner, Frank Wells, died).

[upchuck]

Thanks for the info. The board must be a bunch of wimps. It's a shame the way Disney has been brought down.

[DannyTN]

Go Roy Go!!!