Calpers to withhold vote for Eisner's reelection

brisem

brisem

Well-Known Member
Original Poster
Updated: 06:50 AM EST
Calpers to withhold vote for Eisner's reelection

NEW YORK, Feb 10 (Reuters) - The activist pension fund known as Calpers said it will not support re-electing Walt Disney Co. CEO Michael Eisner to the company's board.

In a statement on its Web site, the California Public Employees' Retirement System said it would withhold its vote for Eisner at the company's shareholder meeting this Friday.

Calpers said it "believes the company is in need of new leadership."

"Consistent with our vote last year, CalPERS has lost confidence in Mr. Eisner's ability to contribute to long-term shareowner value creation," it said on its Web site.

Calpers manages almost 9.44 million Disney shares.

The pension fund also said it would vote against Disney's 2005 stock incentive plan.

Eisner has said he plans to leave the CEO post in September 2006.

Last year, Eisner lost his job as chairman after 45 percent of votes were cast against his re-election to the board and other directors also received significant protest votes.


02/10/05 06:38 ET
 
cherrynegra

cherrynegra

Well-Known Member
Good for CalPERS!!! There's a bit of a mini-scandal going on here in California with CalPERS because it's rumored that Sean Harrigan, president for the past two years, had been forced out of his position due to his activist stance and pro-shareowners attitude as reflected by the no vote against Eisner last year. In fact, Harrigan lays the blame for his ouster at the feet of Disney (Eisner), our stupid Gov. Arnold Schwarzenegger, and Safeway. On the day he was fired he had a lovely quote:

On his corporate critics:

"The real question is who would you rather have as a watchdog on our retirement savings, Sean Harrigan or (former Enron Chairman) Ken Lay?"
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