Disney & Gold Won’t Issue Alternate Directors
Created 12/06/2004 - 00:00
files/pictures/picture-35.jpgIn a letter sent to the Disney board on Dec. 3, 2004, dissident shareholder leaders Roy Disney and Stanley Gold announced they will not present an alternate slate of directors at Disney's annual meeting next year. This year the pair led a 45% vote of no confidence in Michael Eisner that led to his resignation as chairman. Eisner has since announced he will retire at the end of his contract in 2006. Disney and Gold have threatened to issue an alternate slate of directors, fearing Eisner would be replaced by deputy Robert Iger, who they do not support. Disney and Gold have supported the movie by the Disney board in September to hire an outside firm to conduct a worldwide search for Eisners replacement.
Disney and Gold also criticized the board for several decisions, including the rejection of several independent board members recommended by opposing public pension funds and the exclusion of two stockholder proposals from its proxy statement -- one that requires the chairman and ceo positions remain separate and another permitting shareholders to nominate up to two independent directors.
"We are taking the board at its word," Disney and Gold concluded. "We are hopeful that Disney shareholders will not be disappointed."