disny

Save Disney campaign and Eisner’s ouster

Eisner did not want the board to renominate Roy E. Disney, the son of Disney-co-founder Roy O. Disney, as a board director citing his age of 72 as a required retirement age. Stanley Gold responded by resigning from the board and requesting the other board members oust Eisner. In 2003, He resigned from his positions as the company’s vice chairman and chairman of Walt Disney Feature Animation, accusing Eisner of micromanagement, flops with the ABC television network, timidity in the theme park business, turning the Walt Disney Company into a “rapacious, soul-less” company, and refusing to establish a clear succession plan, as well as a string of box-office movie flops starting in the year 2000. On May 15, 2003, Disney sold their stake in the Anaheim Angels baseball team to Arte Moreno. Disney purchased the rights to The Muppets and the Bear in the Big Blue House franchises from The Jim Henson Company on February 17, 2004. The two brands were placed under control of the Muppets Holding Company, LLC, a division of Disney Consumer Products. In 2004, Pixar Animation Studios began looking for another distributor after its 12-year contract with Disney ended, due to its strained relationship over issues of control and money with Eisner. Also that year, Comcast Corporation made an unsolicited $54 billion bid to acquire Disney. A couple of high budget movies flopped at the box office. With these difficulties and with some board directors dissatisfied, Eisner ceded the board chairmanship. On March 3, 2004, at Disney’s annual shareholders’ meeting, a surprising and unprecedented 45% of Disney’s shareholders, predominantly rallied by former board members Roy Disney and Stanley Gold, withheld their proxies to re-elect Eisner to the board. Disney’s board then gave the chairmanship position to Mitchell. However, the board did not immediately remove Eisner as chief executive. In 2005, Disney sold the Mighty Ducks of Anaheim hockey team to Henry and Susan Samueli. On March 13, 2005, Robert Iger was announced as Eisner successor as CEO. On September 30, Eisner resigned both as an executive and as a member of the board of directors

Reference