Roy Disney resigns

[chernabog_ca]

http://money.cnn.com/2003/11/30/news...ex.htm?cnn=yes

Roy Disney leaves board
Nephew of Walt Disney steps down as vice chairman and calls for CEO Michael Eisner to resign.
November 30, 2003: 9:05 PM EST

NEW YORK (Reuters) - Walt Disney Co. vice chairman Roy E. Disney has left the company's board and is calling for chairman and chief executive Michael Eisner to resign his posts, according to a report in the online edition of The Wall Street Journal.

The resignation comes at a time when Roy Disney reportedly has been excluded from the list of nominees to the board for the coming year. Disney's board is meeting this Monday.

Roy Disney is the nephew of the late company founder Walt Disney and son of co-founder Roy O. Disney.

In a three-page letter to Eisner, Roy Disney said, "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."

In his letter, Roy Disney cited a litany of complaints about Eisner's leadership, including the performance of ABC television and radio networks and Disney theme parks.

"[The company] deserves fresh, energetic leadership...just as it did in 1984 when I headed a restructuring which resulted in your recruitment to the Company," the letter continues.

A Disney (DIS: Research, Estimates) source familiar with the situation confirmed that three board members, including Roy Disney, would not be up for re-nomination.

"Three directors have been told they are not going to be nominated again," the source said.

The three board members all passed the mandatory retirement age of 72, a threshold that has been waived in the past, the source said.

Roy Disney and Eisner have been at odds in recent years over the company's management as its strong financial position has faltered.

Roy Disney in August said he struck a deal to sell more than 40 percent of his stake in the company, in which he was the largest individual shareholder.

A spokesmen for Roy Disney was not immediately available to comment on Sunday.

This was kind of unexpected and I wonder how this is going to be received by Wall Street. Should be interesting to hear Eisner's reply to Roy's request.

[WorkShed]

I would be happy to see Eisner leave. He is soooo sleazy, I just hate him!

Did anyone see the Beauty and the Beast documentary on the DVD where Eisner stated that Beauty and the Beast was single-handedly THE best movie of all of the 1990s.

Dear God! He only sees Disney as a money-house and not as the art and childhood fun it used to be.

[Jean-Pierre Bazinet]

Here's the letter:

http://www.moviecitynews.com/Notepad...31130_npd.html

[Gypsy]

Wow.....that's unreal

[Shrubz]

Yeah, and I must say I agree with him, they have gone downhill. Too bad.

[editman]

Just had a thought:

Now that he's resigned, what if Roy Disney joins Dreamwork and battles Disney head-on, just like many others who left Disney in unpleasant circumstances?

Of course, it's hardly likely in reality...

[Rufus]

Maybe a nice, juicy, hostile takeover .. muwahaha! I for one would really like to see Eisner 'take one on the chin'.