Eisner: Disney Makes Chairman-Chief Exec Split Permanent

[speck76]

It's splitsville at the mouse house, and it's not Mickey and Minnie: The board of The Walt Disney Co. (nyse: DIS - news - people ) board has made the separation of its chairman and chief executive jobs permanent.
The board took the chairman role away from Chief Executive Michael Eisner last March and gave it to former U.S. Senate Majority Leader George Mitchell after a shareholder protest, but had not formally separated the jobs. Now the board has altered Disney corporate governance guidelines to state that, "the chairman of the board shall be an independent director unless the board concludes that the best interests of shareholders would otherwise be better served."
If the latter happens, there must be a written explanation in proxy materials.

 

[wannab@dis]

written explanation and not a vote... that means they could easily go back to their same old ways with the "right" person and 30 minutes of lawyer fees to write an "explanation".

The combining of the positions should be by shareholder vote only.

 

[brisem]

At least it's a start in the right direction.

 

[wannab@dis]

True, it's a start, but good corporate governance should not have backdoors this simple to open. I'm surprised the large shareholder groups are not up in arms about this move. Again, it appears to be a cover and not a fix for the independant requirement.

 

[Shaman]

At least it's a start in the right direction.

I agree...now about Eisner and his replacement....

 

[HennieBogan1966]

Did someone mention lawyers fees? Hmmm, where have I mentioned lawyers fees before on these boards? Hmmmmm.....

 

[wannab@dis]

Did someone mention lawyers fees? Hmmm, where have I mentioned lawyers fees before on these boards? Hmmmmm.....

Why must you always antagonize? Can you not find something better to do with your life?