ROY DISNEY RESIGNS; CALLS ON EISNER TO STEP ASIDE
Sun Nov 30 2003 16:32:17 ET
Walt Disney Co. Vice Chairman Roy E. Disney submitted his resignation from the company board on Sunday and called for Disney Chairman and CEO Michael Eisner to step down from his own positions, the WALL STREET JOURNAL is reporting.
Disney, nephew to the late Walt Disney, sent Eisner a three-page letter severely criticizing his leadership during the past seven years:
'It is my sincere belief that it is you who should be leaving and not me,... Accordingly, I once again call for your resignation or retirement.'
WSJ reporter Bruce Orwall writes that in his letter Disney said that Eisner deserved credit for a successful first decade after taking the helm at Disney in 1984. But he then detailed seven areas in which he said Mr. Eisner has failed the company in the past seven years.
The list of complaints included everything from the performance of the struggling ABC broadcast networks and Disney theme parks to Mr. Eisner's reputation for "micro-management of everyone around you."
The resignation comes in advance of a Disney board meeting this week. Mr. Disney's letter seems to indicate that the Disney board's nominating committee had decided to leave his name off the slate of directors to be elected for the coming year. Mr. Disney also indicated that he would also resign from his position as chairman of Disney feature animation.
A Disney spokeswoman initially declined to comment.
Sun Nov 30 2003 16:32:17 ET
Walt Disney Co. Vice Chairman Roy E. Disney submitted his resignation from the company board on Sunday and called for Disney Chairman and CEO Michael Eisner to step down from his own positions, the WALL STREET JOURNAL is reporting.
Disney, nephew to the late Walt Disney, sent Eisner a three-page letter severely criticizing his leadership during the past seven years:
'It is my sincere belief that it is you who should be leaving and not me,... Accordingly, I once again call for your resignation or retirement.'
WSJ reporter Bruce Orwall writes that in his letter Disney said that Eisner deserved credit for a successful first decade after taking the helm at Disney in 1984. But he then detailed seven areas in which he said Mr. Eisner has failed the company in the past seven years.
The list of complaints included everything from the performance of the struggling ABC broadcast networks and Disney theme parks to Mr. Eisner's reputation for "micro-management of everyone around you."
The resignation comes in advance of a Disney board meeting this week. Mr. Disney's letter seems to indicate that the Disney board's nominating committee had decided to leave his name off the slate of directors to be elected for the coming year. Mr. Disney also indicated that he would also resign from his position as chairman of Disney feature animation.
A Disney spokeswoman initially declined to comment.
