http://story.news.yahoo.com/news?tmpl=story&ncid=&e=2&u=/ap/20040304/ap_on_bi_ge/disney_shareholders
. . . .MITCHELL???!!!
:fork:
. . . .MITCHELL???!!!
:fork:
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CRAP: Disney Co. Splits CEO, Chairman Positions
- Thread starter General Grizz
- Start date
Wilt Dasney
Well-Known Member
Incredible...do they have a clue why the shareholders voted the way they did today? Roy's quest continues...
TIE EISNER TO EVELYN!!!
Wilt Dasney
Well-Known Member
I think you're right...Roy and Stan will keep pounding away at current management until we see substantive changes. Based on what I heard from the meeting today, lots of folks are on their side.
Originally posted by Wilt Dasney
I think you're right...Roy and Stan will keep pounding away at current management until we see substantive changes. Based on what I heard from the meeting today, lots of folks are on their side.
Michael Eisner on the Save Disney Movement:
Uh huh. . . Finding Nemo flopped as well, didn't it, Chief??
TiggerBW
Well-Known Member
Roy and Stanley made it clear last night at the meeting:
"NO MATTER WHAT THE OUTCOME TOMORROW, DON'T QUIT. SPEAK OUT PUBLICLY. GET LOUDER. WE WILL BE HERE TOMORROW, NEXT WEEK, NEXT YEAR, UNTIL EISNER IS OUT! WRITE THE COMPANY! WIRTE THE PRESS! EISNER MUST GO! KEEP IT UP!"
(Not a direct quote, but I just copied the notes I took from the meeting last night.)
Roy and Stanley "We WILL restore the magic!"
"NO MATTER WHAT THE OUTCOME TOMORROW, DON'T QUIT. SPEAK OUT PUBLICLY. GET LOUDER. WE WILL BE HERE TOMORROW, NEXT WEEK, NEXT YEAR, UNTIL EISNER IS OUT! WRITE THE COMPANY! WIRTE THE PRESS! EISNER MUST GO! KEEP IT UP!"
(Not a direct quote, but I just copied the notes I took from the meeting last night.)
Roy and Stanley "We WILL restore the magic!"
No, Nemo didn't flop, but it was far less important to Disney than POTC was. :hammer:
Well, I guess I still need my bumper sticker for a while longer. :lol:
Well, I guess I still need my bumper sticker for a while longer. :lol:
SpaceRacer2003
New Member
Did they miss the fact we didn't vote for Mitchell either:fork: , what was it something like a 20% no confidence vote for him?
Great way to start a new gig.
:fork:
Great way to start a new gig.
:fork:
CTXRover
Well-Known Member
Come on guys...one thing at a time. There is absolutely no succession plan set at Disney...that is a major problem on its own. But as a result, you can't expect Eisner to step down tomorrow without having some dire consequences for the whole company. Finding the right guy or gal to fill this position needs to be done right or someone even worse could take the position. Since the board has been adamant up to this point with their support for Eisner and his direction, Disney has not seriously talked with anyone about taking over the leadership of the company. Things like this don't happen overnight, much less in 5 hours.
Roy and Stanley were also demanding these two positions be split. Round 1 of their campaign is now complete. You must also realize that some of the Institutional Investor groups who voted No have said they were not necessarily voting no to get Eisner removed as Roy and Stanley want, rather they voted No since they believed that the company would be better if the CEO and chairman positions were two separate entities and Eisner was no longer head of both. And the board has responded to that request rather quickly. Give it time people. Look how far things have come in a short span of time since Roy's campaign started. Is George Mitchell the right guy in the long run or does this split with him at the head really change much? No, but there are few people that could step into it so quickly....so this will have to do for now.
Let's be realistic on how fast things can happen. If they had a true succession plan or even were working on one, things could go differently and much more quickly, but they don't.
Roy and Stanley were also demanding these two positions be split. Round 1 of their campaign is now complete. You must also realize that some of the Institutional Investor groups who voted No have said they were not necessarily voting no to get Eisner removed as Roy and Stanley want, rather they voted No since they believed that the company would be better if the CEO and chairman positions were two separate entities and Eisner was no longer head of both. And the board has responded to that request rather quickly. Give it time people. Look how far things have come in a short span of time since Roy's campaign started. Is George Mitchell the right guy in the long run or does this split with him at the head really change much? No, but there are few people that could step into it so quickly....so this will have to do for now.
Let's be realistic on how fast things can happen. If they had a true succession plan or even were working on one, things could go differently and much more quickly, but they don't.
CTXRover
Well-Known Member
Two other important things to consider...
1) The board has acknowledged that the vote today was more than just the issue of separating these two roles....
2) The board rejected once again Comcast's request to discuss the "merger"....one must also remember though that ComCast came back to the board today with the same offer that was originally rejected....ComCast continues to stick to their guns that their proposal is perfect and they will not raise the bid...perhaps because they financially can't ??? Let's hope they never raise their bid and they just fade away.
1) The board has acknowledged that the vote today was more than just the issue of separating these two roles....
2) The board rejected once again Comcast's request to discuss the "merger"....one must also remember though that ComCast came back to the board today with the same offer that was originally rejected....ComCast continues to stick to their guns that their proposal is perfect and they will not raise the bid...perhaps because they financially can't ??? Let's hope they never raise their bid and they just fade away.
SpaceRacer2003
New Member
STATEMENT FROM THE BOARD OF DIRECTORS OF THE WALT DISNEY COMPANY
PHILADELPHIA, March 3, 2004 -- The Walt Disney Company (NYSE: DIS) Board of Directors, mindful of the shareholder vote today, announced that it is separating the positions of CEO and Chairman. Effective immediately, the Board created the position of Chairman of the Board. The Board has unanimously elected former Sen. George Mitchell to serve in that non-executive position.
While making this change in governance, the Board remains unanimous in its support of the Company's management team and of Michael Eisner, who will continue to serve as chief executive officer. Following recent detailed reviews of each major business and with an ongoing, in-depth knowledge of our operations, the Board has confidence in the strategic direction of the company. Our belief in the Company's strategy, financial results over the last several quarters, and the level of earnings and improved returns we expect going forward make us confident that results will validate our judgment on the quality of our management team.
While there appear to have been a number of different forces at work in the shareholder vote, a significant message conveyed in the vote was in the area of governance, as evidenced by governance-driven withhold recommendations by two influential proxy recommendation groups and the public and private statements by a number of other shareholders. In particular, there was substantial focus on the question of whether the Chair and CEO functions at the Company should be split.
That is not to say that we view the vote as limited to governance issues alone. We are aware that some voted for an immediate change in management and in the board. However, taking all of these factors into account, we believe the action we have taken today is in the best long-term interest of the shareholders of the company.
With respect to the statement made by Comcast, the Board of Directors stated that it does not believe today's reiteration by Comcast of its previous proposal, which we rejected as inadequate, would lead to a transaction beneficial to Disney shareholders. The Board will carefully review and analyze any reasonable proposal.
# # #
PHILADELPHIA, March 3, 2004 -- The Walt Disney Company (NYSE: DIS) Board of Directors, mindful of the shareholder vote today, announced that it is separating the positions of CEO and Chairman. Effective immediately, the Board created the position of Chairman of the Board. The Board has unanimously elected former Sen. George Mitchell to serve in that non-executive position.
While making this change in governance, the Board remains unanimous in its support of the Company's management team and of Michael Eisner, who will continue to serve as chief executive officer. Following recent detailed reviews of each major business and with an ongoing, in-depth knowledge of our operations, the Board has confidence in the strategic direction of the company. Our belief in the Company's strategy, financial results over the last several quarters, and the level of earnings and improved returns we expect going forward make us confident that results will validate our judgment on the quality of our management team.
While there appear to have been a number of different forces at work in the shareholder vote, a significant message conveyed in the vote was in the area of governance, as evidenced by governance-driven withhold recommendations by two influential proxy recommendation groups and the public and private statements by a number of other shareholders. In particular, there was substantial focus on the question of whether the Chair and CEO functions at the Company should be split.
That is not to say that we view the vote as limited to governance issues alone. We are aware that some voted for an immediate change in management and in the board. However, taking all of these factors into account, we believe the action we have taken today is in the best long-term interest of the shareholders of the company.
With respect to the statement made by Comcast, the Board of Directors stated that it does not believe today's reiteration by Comcast of its previous proposal, which we rejected as inadequate, would lead to a transaction beneficial to Disney shareholders. The Board will carefully review and analyze any reasonable proposal.
# # #
Woody13
New Member
Well said. I agree with you, except for one point. The Board does have a succession plan:
Management Succession and Review
At least once a year, the Chief Executive Officer of the Company shall meet with the non-management Directors to discuss potential successors as Chief Executive Officer. The non-management Directors shall meet in executive session following such presentations to consider such discussions. The Chief Executive Officer shall also have in place at all times a confidential written procedure for the timely and efficient transfer of his or her responsibilities in the event of his or her sudden incapacitation or departure, including recommendations for longer-term succession arrangements. The Chief Executive Officer shall review this procedure periodically with the Governance and Nominating Committee.
The Chief Executive Officer shall also review periodically with the non-management Directors the performance of other key members of the senior management of the Company, as well as potential succession arrangements for such management members. Any waiver of the requirements of the Company's Standards of Business Conduct with respect to any such member of senior management shall be reported to, and be subject to the approval of, the Board of Directors.
1 As amended and restated by the Board of Directors on January 6, 2004.
P.S. The Board also has both a long and a short list of CEO replacements.
CTXRover
Well-Known Member
The problem is, despite their "rules", there really is no "realistic" plan for someone to just step into Eisner's role and make things all fine and dandy. The lack of a real succession plan has been a major concern for quite some time now. I'm sure they have some type of "emergency" plan if they needed it. Although some can see this as an emergency, this situation can be handled more carefully and efficiently over this year than it could in a few weeks or months. Choosing the next CEO is a HUGE deal, and I would hope we would all realize that it would be better to take time and do it right than to do something hastily. I still think (at least hope) this is far from the end of what the board will do to help remedy this situation.....remember....there is still that pesky ComCast takeover thing out there....showing severe signs of instability within the company such as the board coming out today and taking back everything they said concerning their support of Eisner in the past and/or Eisner leaving tomorrow would make Disney even more 'ripe for the pickin'.