Roy E. Disney resigned today!!!
Straight from the NYtimes.com
The vice chairman of the Walt Disney Company, Roy E. Disney, resigned from the board of directors today, citing his ``serious differences of opinion'' with the chairman, Michael D. Eisner, ``about the direction and style of management in the company.''
Mr. Disney, the nephew of Walt Disney, also called for Mr. Eisner's resignation. In addition, Mr. Disney stepped down from his position as chairman of the feature animation division.
The resignation lays bare a sharp conflict in an entertainment and media company that has called its theme parks ``the happiest place on earth.''
``You well know that you and I have had serious differences of opinion about the direction and style of management in the company in recent years,'' Mr. Disney wrote to Mr. Eisner. ``For whatever reason, you have driven a wedge between me and those I work with even to the extent of requiring some of my associates to report my conversations and activities to you. I find this intolerable.''
Mr. Disney noted that the nominating committee had excluded him from the slate up for election to the board of the publicly held company, ``effectively muzzling my voice on the board.''
Just last year in a boardroom power play, Mr. Eisner prevailed over his chief critic and fellow board member, Stanley P. Gold, investment adviser to the family of Roy E. Disney, Walt Disney's nephew.
After that episode, the board was reconfigured, in a move that was said to reduce the influence of Mr. Eisner's critics.
Mr. Disney acknowledged that he fell into the category of critic.
``Michael, I believe your conduct has resulted from my clear and unambiguous statements to you and the board of directors that after 19 years at the helm you are no longer the best person to run the Walt Disney Company,'' Mr. Disney wrote, adding that in the last 10 years the company ``has lost its focus, its creative energy, and its heritage.''
The Disney company is listed on the New York Stock Exchange. Shares closed at $23.09 on Friday.
Straight from the NYtimes.com
The vice chairman of the Walt Disney Company, Roy E. Disney, resigned from the board of directors today, citing his ``serious differences of opinion'' with the chairman, Michael D. Eisner, ``about the direction and style of management in the company.''
Mr. Disney, the nephew of Walt Disney, also called for Mr. Eisner's resignation. In addition, Mr. Disney stepped down from his position as chairman of the feature animation division.
The resignation lays bare a sharp conflict in an entertainment and media company that has called its theme parks ``the happiest place on earth.''
``You well know that you and I have had serious differences of opinion about the direction and style of management in the company in recent years,'' Mr. Disney wrote to Mr. Eisner. ``For whatever reason, you have driven a wedge between me and those I work with even to the extent of requiring some of my associates to report my conversations and activities to you. I find this intolerable.''
Mr. Disney noted that the nominating committee had excluded him from the slate up for election to the board of the publicly held company, ``effectively muzzling my voice on the board.''
Just last year in a boardroom power play, Mr. Eisner prevailed over his chief critic and fellow board member, Stanley P. Gold, investment adviser to the family of Roy E. Disney, Walt Disney's nephew.
After that episode, the board was reconfigured, in a move that was said to reduce the influence of Mr. Eisner's critics.
Mr. Disney acknowledged that he fell into the category of critic.
``Michael, I believe your conduct has resulted from my clear and unambiguous statements to you and the board of directors that after 19 years at the helm you are no longer the best person to run the Walt Disney Company,'' Mr. Disney wrote, adding that in the last 10 years the company ``has lost its focus, its creative energy, and its heritage.''
The Disney company is listed on the New York Stock Exchange. Shares closed at $23.09 on Friday.
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