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Roy Disney & Stanley Gold Put Aside Disney Differences

The Walt Disney Company, Roy E. Disney and Stanley P. Gold announced today (July 8, 2005) that they have agreed to put aside the differences of late and has brought Roy Disney back to the company board as a diorector emeritus. Disney and Gold will not to run a rival slate of directors, submit shareholder resolutions for the next five years and have also agreed to dismiss all their pending lawsuits against the Disney Co.

In a prepared joint statement, the Disney Co. has reestablished ties with Roy Disney and his family, and named him director emeritus and a consultant. The company renewed its commitment to rotate committee members and chairpersons on its board committees as currently required by the company's corporate governance guidelines.

The statement also read, In putting aside their differences, the company noted Mr. Disney's long time devotion to the company and welcomed the reestablishment of a relationship with him and his family. Messrs. Disney and Gold expressed confidence in Mr. Iger's leadership, and as Mr. Eisner retires after 21 years with the company, they acknowledged his contribution to the company over the years.