43% no-confidence vote for Eisner

[Polar33]

From SaveDisney.com (http://www.savedisney.com/news/press_release030304.1.asp):

Philadelphia, PA - March 3, 2004 -- "The resounding 'No Confidence' vote cast by shareholders/owners of The Walt Disney Company (NYSE: DIS) has sent a clear and undeniable message that dramatic change is needed now and that Michael Eisner must go," Roy E. Disney and Stanley P. Gold said today.

Messrs. Disney and Gold said that their estimated tally of votes indicates that Walt Disney Company shareholders withheld more than 40% of votes from Michael Eisner for re-election as a Director of the Company, and 20% from George Mitchell, John Bryson and Judith Estrin as Directors.

"It has been suggested that Mr. Eisner's withhold vote is really a referendum on the separation of the jobs of chairman and CEO," they stated. "While we agree that this is a necessary action, and the job should be split, we don't believe Mr. Eisner should have either job." As Patrick McGurn of Institutional Shareholder Services said, "This is unprecedented. This is beyond a referendum on corporate governance. This is a referendum on Eisner's continued presence at the company." ISS earlier recommended a "no" vote on Mr. Eisner.

I think my opinion on the recent news can best be described with the following emoticon:

:pbjtime:

[coldfire409]

Just recently on CNN Headline News the votes from the sharholder's meeting in Philidelphia PA were announced.

43% of all shares were voted to kick Eisner to the curb. :D

If only a small fraction of the people who didn't vote would have voted to kick Eisner to the curb he would have lost the election. I think that Roy may have a small victory on his hands.

CujoSR: Merged Topics (One min apart... nice)

[SirWillow]

More news coming out from CNN and NBC- Eisner has now been removed from the board and his chairman position, with George Mitchell taking over as Chairman. So far Eisner is still CEO, but we'll see if that continues or not, and for how long.

[SpaceRanger]

Woooooooohooooooo! :pbjtime:

[DisneyPrincess]

Happy news :D

[Mansion_Boi]

Well even if 99% or even 100% would have voted against Eisner he wouldn't have lost his job, nobody was running against him. In the Business world a vote of no confidence reaching into the 20% mark is a bad mark and most CEO choose to leave very soon after that. So 20% is considered the end of your career in the business world, I wonder what 43% would be. Either way simply having removed from the board is not enough. Also naming mitchell as the new chairman was like a slap in the face to the shareholders. There was a 23% vote of no confidence on him, he should not have even been considered. Expect some kind of lawsuits against the Disney board arise soon. Especially if change doesn't come quick. Next year the Disney board might not be as lucky and the shareholders might give them a higher vote of no confidence and hang them by the "huevos". Either way change has begun and it won't be long before our current board of directors no longer exist and we have a new CEO. If I had my way I would ask Steve Jobs to take the job as supreme Disney leader.

[Thatguy]

...naming mitchell as the new chairman was like a slap in the face to the shareholders.

Slap in the face... that was the exact wording of my thoughts when I read that.