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The Disneyland Report > Disney News > Eisner's critics savage '06 plan Disney NewsEisner's critics savage '06 planBy Michael McCarthy Dissident former Walt Disney (DIS) directors Roy Disney and Stanley Gold are challenging CEO Michael Eisner's plan, announced last week, to retire at the end of his contract in September 2006. Monday, they furiously called on Disney's board to oust Eisner from
the Magic Kingdom by the annual meeting next spring and to reject his
handpicked successor, President Robert Iger, as the next CEO. In a letter to the Disney board posted on their Web site, www.SaveDisney.com, Roy Disney and Gold threatened to run an alternate slate of directors at the annual meeting if the board does not launch an immediate search for a CEO and promise that Eisner, 62, will leave the job and his board seat at the end of the search. Dragging out a succession plan for two years would be "catastrophic,"
the letter said, with Disney unable to attract world-class candidates.
"We believe it is intolerable for Michael Eisner to continue to
hold the company hostage for two more years — and perhaps longer,"
wrote the former directors, who recruited Eisner to save the company
during a takeover battle in 1984. Former U.S. senator George Mitchell, who became chairman after 45% of shares were withheld for Eisner's re-election at the March 3 annual meeting, is heading the board's succession process. Monday, he sent a response to Roy Disney and Gold on behalf of the board, noting that the succession "process has been underway for some time and will, I am confident, result in the right decision for The Walt Disney Co. and all of its shareholders." To read the rest of this story, click here. Return to Disney News. |
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