March 03, 2004
Disney Crowd Tells Eisner To Take a Ride
PHILADELPHIA --They were young and old. They came from near and far. A few wore mouse ears and snapped photos like tourists on vacation. Some were curious onlookers, but most were angry shareholders of Walt Disney Co.
On the eve of Disney's annual shareholder meeting, several hundred people gathered Tuesday at a rally organized by two dissident former directors to voice their concerns about the venerable entertainment giant and call for the ouster of its longtime leader, Michael Eisner. Hundreds more were turned away, unable to enter the crowded hotel conference room.
The crowd gave a standing ovation to Roy Disney, nephew of the company's co- founder, when he took the stage. Flanked by two banners proclaiming "Restore the Magic," the former Disney director rallied the crowd and repeated his calls for Eisner's dismissal.
At one point, he compared Eisner's departure to the death of the Wicked Witch in the "Wizard of Oz" movie. Later, Roy Disney jokingly added, "if we had enough rifles we'd have this thing over with."
Embattled Walt Disney Co. Chief Executive Michael Eisner on Wednesday was stripped of his role as chairman, but kept his position as chief executive even after 43 percent of shareholders voted against him in an unprecedented protest.
Convening in Philadelphia after a stormy annual meeting, Disney's board said it had elected former U.S. Senator George Mitchell as the company's chairman. It said 61-year-old Eisner had its unanimous backing as Disney's top executive after a shareholder vote widely seen as a rebuke to his leadership. The vote sent shock waves through corporate America and marked the strongest such protest against an incumbent chief executive ever, signaling Disney's concession was unlikely to satisfy shareholders campaigning for Eisner's removal.
