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Thread: Save Disney/Roy

  1. #1

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    Save Disney/Roy

    Do you guys really think that Roy is that concerned with the quality of Disney, or do you think that he is more concerned with the stock price?
    I have been a HUGE supporter of the Save Disney movement, and am for meaningful change to get Disney back to quality, but I find it very interesting that once the stock began to go up, he backed off.

    Your thoughts?

  2. #2

    • Darkbeer
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    Here is a statement they released today

    Roy E. Disney and Stanley P. Gold Press Release

    Roy Disney and Stanley Gold Withhold Vote for All Directors at 2005 Disney Annual Meeting; Say They Have Not Conducted Campaign This Year to Ask Other Shareholders to Do the Same

    BURBANK, Calif., Feb. 8 -- Roy E. Disney and Stanley P. Gold
    today issued the following statement on their vote at the 2005 Disney Company
    Annual Meeting:

    "Our voting decision at the 2005 Disney Annual Meeting rests on one
    question -- Has the Disney Board adequately addressed the issues that resulted
    in the unprecedented vote of "No Confidence" at last year's annual meeting?

    "The Board has adopted a number of policies since March, 2004. The litmus
    test, however, as to whether this Board has truly reformed itself is how it
    conducts and implements the search for Mr. Eisner's successor. We are waiting
    to see whether this Board has the independence and dedication to its
    stockholders to conduct an open and honest search for a new leader with the
    vision and creativity to meet the challenges ahead -- a person who will become
    only the sixth leader of Disney, a true icon of American business and culture.
    At this point in time, the Board's credibility is in question due to reports
    that they have yet to interview a single outside candidate. Potential
    candidates, meanwhile, are indicating a lack of interest in the position
    because of delays in the search process and the uncertainty regarding when Mr.
    Eisner will leave the Company.

    "The Board has set a deadline of June 2005 to select a successor. Until
    we see that this Board has faithfully discharged its duties in this most
    critical of Board functions, and that Mr. Eisner steps down as CEO and as a
    member of the Board upon the culmination of the process in June, we are
    WITHHOLDING our vote at the 2005 Disney Annual Meeting for all members of the
    Disney Board. We have not conducted a campaign to ask other shareholders to do
    the same.

    "Lest there be any confusion, by withholding our vote, we are doing
    precisely that, no more and no less. We are withholding our vote because we
    are withholding final judgment. In recent months, the Board has been saying
    the right words. We now await its actions."
    Check out my Theme Park Photos at http://darkbeer.smugmug.com

  3. #3

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    Quote Originally Posted by Darkbeer
    Here is a statement they released today

    Roy E. Disney and Stanley P. Gold Press Release

    Roy Disney and Stanley Gold Withhold Vote for All Directors at 2005 Disney Annual Meeting; Say They Have Not Conducted Campaign This Year to Ask Other Shareholders to Do the Same

    BURBANK, Calif., Feb. 8 -- Roy E. Disney and Stanley P. Gold
    today issued the following statement on their vote at the 2005 Disney Company
    Annual Meeting:

    "Our voting decision at the 2005 Disney Annual Meeting rests on one
    question -- Has the Disney Board adequately addressed the issues that resulted
    in the unprecedented vote of "No Confidence" at last year's annual meeting?

    "The Board has adopted a number of policies since March, 2004. The litmus
    test, however, as to whether this Board has truly reformed itself is how it
    conducts and implements the search for Mr. Eisner's successor. We are waiting
    to see whether this Board has the independence and dedication to its
    stockholders to conduct an open and honest search for a new leader with the
    vision and creativity to meet the challenges ahead -- a person who will become
    only the sixth leader of Disney, a true icon of American business and culture.
    At this point in time, the Board's credibility is in question due to reports
    that they have yet to interview a single outside candidate. Potential
    candidates, meanwhile, are indicating a lack of interest in the position
    because of delays in the search process and the uncertainty regarding when Mr.
    Eisner will leave the Company.

    "The Board has set a deadline of June 2005 to select a successor. Until
    we see that this Board has faithfully discharged its duties in this most
    critical of Board functions, and that Mr. Eisner steps down as CEO and as a
    member of the Board upon the culmination of the process in June, we are
    WITHHOLDING our vote at the 2005 Disney Annual Meeting for all members of the
    Disney Board. We have not conducted a campaign to ask other shareholders to do
    the same.

    "Lest there be any confusion, by withholding our vote, we are doing
    precisely that, no more and no less. We are withholding our vote because we
    are withholding final judgment. In recent months, the Board has been saying
    the right words. We now await its actions."

    That's all good, but alot of good that will do.
    I don't understand why they didn't run an alternate slate of directors.
    That whoel board and upper management needs to get pink-slips!!!

  4. #4

    • Darkbeer
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    Well, last year's action did result in some positive things, the splitting of the Chairman/CEO positions, the statement that Michael Eisner will be stepping down, and the use of an outside search compnay for the new CEO and Chairman (George Mitchell has also said he is stepping down). I think Roy and Stan are waiting for this process to finish before they take their next step.

    Also, the actions of the company itself, improving performence has convinced the instutional investors to lay low this year.

    But if the board doesn't do a full and complete search for the new CEO, expect to hear cries for board changes, as many folks want a independent board, not a rubber stamp board....
    Check out my Theme Park Photos at http://darkbeer.smugmug.com

  5. #5

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    I'm a little fuzzy on the details, but several years ago Roy sold off a huge chunk of stock, with the condition that he retain voting rights for a specified period of time. It is speculated that he knew the time was coming for a show down with Eisner, and was financing said revolt. I really doubt he is overly concerned with stock prices from a personal standpoint, but more as they reflect upon the general health of the company. No one here could possibly understand how he might feel as to the events of the past few years- this company was started by his father and uncle, and it retains his family name. He has worked for it most of his life. I think he has a bit more of an emotional investment here than most.

  6. #6

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    Quote Originally Posted by Darkbeer
    Well, last year's action did result in some positive things, the splitting of the Chairman/CEO positions, the statement that Michael Eisner will be stepping down, and the use of an outside search compnay for the new CEO and Chairman (George Mitchell has also said he is stepping down). I think Roy and Stan are waiting for this process to finish before they take their next step.

    Also, the actions of the company itself, improving performence has convinced the instutional investors to lay low this year.

    But if the board doesn't do a full and complete search for the new CEO, expect to hear cries for board changes, as many folks want a independent board, not a rubber stamp board....
    I hear ya man, and I SOOO HOPE your right.....
    But I DO NOT TRUST Michael Eisner and that board....
    Just because the company looks good on paper doesn't mean that the company is doing "well,".....

  7. #7

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    Quote Originally Posted by Wendy
    I'm a little fuzzy on the details, but several years ago Roy sold off a huge chunk of stock, with the condition that he retain voting rights for a specified period of time. It is speculated that he knew the time was coming for a show down with Eisner, and was financing said revolt. I really doubt he is overly concerned with stock prices from a personal standpoint, but more as they reflect upon the general health of the company. No one here could possibly understand how he might feel as to the events of the past few years- this company was started by his father and uncle, and it retains his family name. He has worked for it most of his life. I think he has a bit more of an emotional investment here than most.
    Cool Wendy..
    I think your right....
    I just wanted some feed-back...
    I LOVE your previous post about Eisner being an A*SHOLE!!

  8. #8

    • Que que no-tu-rah.
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    Roy and Stanley had little choice but to back off this year. Without the support of Wall Street it is HIGHLY doubful anything would have come of a fight to unseat current board members. In the eyes of those in power Roy and Stanley would look like fools for shouting for change when the stock price is on the rise. Remember the money is all Wall Street sees and when financial institutions back or don't back a company people notice - Big Time. As long as Eisner and Co. can keep the stock on the rise or level, Roy & Stanley have an almost unsurmoutable obstacle.
    What if the Hokey-Pokey really is what it's all about?

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