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The Disneyland Report > Disney News > Disney Dissidents Cautiously Support Board Disney NewsDisney Dissidents Cautiously Support Board By Peter Henderson LOS ANGELES - Dissident Walt Disney Co. shareholders Roy Disney and Stanley Gold on Tuesday endorsed the board's plans to find a successor to Chief Executive Michael Eisner, effectively calling a truce with directors after a nearly year-long battle. The pair, who have been the fiercest critics of the board joined a number of other prominent activist shareholders who have given cautious blessings to the board's program to find a new CEO by next June. "The board displayed precisely the kind of leadership and independence which we and the vast number of shareholders who share our concerns had been requesting," Gold and Disney, both former directors, said in a statement. The board said a week ago that it would hire an executive search firm and find a replacement for Eisner by the middle of next year, goals in line with demands from Gold and Disney. Roy Disney, nephew of founder Walt, declined to declare victory for his campaign. "I wouldn't characterize it as a victory. We haven't seen results," he said. He added that he and Gold could still run an alternate slate if they believed the board's plan to find a successor to Eisner was a "charade." But Greg Taxin, chief executive of shareholder corporate governance advisory Glass Lewis, said that the board's show of independence would win it room to act. "I don't think an insurgent or dissident slate would get much support, barring further developments," he said recently. Disney critic Sean Harrigan, head of the largest U.S. pension fund, the California Public Employees Retirement System, has also given cautious approval to the board. North Carolina Treasurer Richard Moore told Reuters that he might still support an alternate slate, although he said the board had at least taken "baby steps" in the right direction. Gold and Disney sparked protests that led to a 45 percent opposition vote to Eisner's reelection to the board in March. To read the rest of this article, click here. Return to Disney News. |
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