Gold & Disney May Nominate Alternate Disney Board
Created 05/02/2004 - 23:00
Former Disney director Stanley Gold said he and fellow dissident investor Roy Disney chairman will nominate an alternate slate of directors next year if the current board does not "face up to the issues," he told REUTERS NEWS.
Thus far unsuccessful in their efforts to unseat Michael Eisner as head of The Walt Disney Co., after they resigned from the Disney board late last year to protest Eisners performance and practices, they continue their costly campaign (having spent $3 to $5 million) to change the direction of the company Roy Disneys uncle Walt Disney founded.
Despite Disney Co. forecasts of strong earnings growth over the next few years, Gold said Disney's results will deteriorate because the company has "buildings full of suits" but is "bankrupt of creative people."
Gold is the chairman of Shamrock Holdings Inc., the U.S. investment arm of Roy Disney.
Gold said he considers Steve Jobs, chief of Pixar Animation Studios Inc., qualified to take over as ceo from Eisner. "If I had a list, Steve Jobs would be on a short list of people who could fix this company," Gold said in answer to a question at a meeting of the Society of American Business Editors and Writers.
Pixar is responsible for creating the most successful animated movies distributed by Disney in recent years, including FINDING NEMO, MONSTERS, INC. and TOY STORY 1 & 2. Pixar ended talks with Disney in late January 2004 to renew its movie distribution deal.
Shamrock must unveil its board candidates in early December in order to run the slate next year.