WORLDWIDE SEARCH URGED FOR EISNER HEIR `LAME DUCK' STATUS CITED.Byline: Evan Pondel Staff Writer Two dissident ex-directors from The Walt Disney Noun 1. Walt Disney - United States film maker who pioneered animated cartoons and created such characters as Mickey Mouse and Donald Duck; founded Disneyland (1901-1966) Disney, Walter Elias Disney Co. called on the company's board Monday to immediately recruit a replacement for Chief Executive Officer Michael D. Eisner and not let the company languish under a ``lame duck'' for two years. In an open letter to Disney's nonmanagement directors, Roy E. Disney Roy Edward Disney, KCSG, (born January 10, 1930) was a longtime senior executive for The Walt Disney Company, which his father Roy Oliver Disney and his uncle Walt founded. and Stanley Gold Stanley P. Gold is the President and CEO of Shamrock Holdings, which manages Roy E. Disney's investments. He was a longtime member of the Walt Disney Company's board of directors (1984; 1987-2003), before he and Roy Disney resigned to publicly campaign to oust then Chairman Michael asked the board to ``engage an independent executive recruiting firm to conduct a worldwide search for a strong, visionary leader.'' The ex-directors' plea comes nearly four days after Michael Eisner unveiled plans to step down when his contract runs out in 2006. Disney and Gold wrote ``there is no acceptable solution that includes Mr. Eisner's continued leadership at Disney for the next two years.'' Responding to the letter, Disney Chairman George Mitchell said in a statement that the company is ``fully aware of the importance of the task of succession planning and the responsibilities we bear to all shareholders,'' but gave no specifics on a succession plan. Disney President Robert Iger has emerged as Eisner's top choice for his successor. But the two ex-directors shunned such a notion in their letter, characterizing Iger as Eisner's ``obedient lieutenant'' who will continue to carry out a misguided agenda. Analysts remained leery of Roy Disney and Gold's claims, as the two continue to vent what many believe is more a demonization de·mon·ize tr.v. de·mon·ized, de·mon·iz·ing, de·mon·iz·es 1. To turn into or as if into a demon. 2. To possess by or as if by a demon. 3. of Eisner rather than sound business advice. David Miller, analyst with Sanders Morris Harris in Los Angeles, said their comments have little influence on the company right now. ``It's muted,'' said Miller, who looks to Iger as a respectable candidate. ``The fact of the matter is the company has executed this year. And most folks probably consider Gold and Disney to be a rebellious twosome without mainstream views.'' Even so, it is difficult to deny Roy Disney and Gold's influence earlier this year when the two led efforts to dethrone de·throne tr.v. de·throned, de·thron·ing, de·thrones 1. To remove from the throne; depose. 2. To remove from a prominent or powerful position. Eisner. Approximately 43 percent of Disney shareholders voted to withhold support for Eisner's re-election to the board at the company's annual meeting. Spearheading the discontent, Roy Disney and Gold launched savedisney.com in December 2003, posting myriad reasons why The Walt Disney Co. continues to founder under Eisner's leadership. Continuing to air those grievances, the two said in the letter that Eisner continues to ``drive the most talented and creative people away from Disney (and) erode the morale of current employees.'' Roy Disney left the company's board due to a mandatory retirement age requirement. ``So, I'm not surprised by what Roy Disney is saying right now,'' said Gigi Johnson, a shareholder and executive director of the Entertainment and Media Management Institute at University of California, Los Angeles UCLA comprises the College of Letters and Science (the primary undergraduate college), seven professional schools, and five professional Health Science schools. Since 2001, UCLA has enrolled over 33,000 total students, and that number is steadily rising. . At the same time, ``Disney and Gold may just want a more open playing field instead of just handing over the reins to someone internally.'' However, Johnson did note it may be a safer play if Disney tapped Iger. ``But this deal is not without emotion. And this isn't just about what's financially in the best interest for Disney.'' Emotions aside, the California Public Employees Retirement System, which has challenged Eisner's leadership for several months, often draws sharp criticism of his ability to enhance shareholder value. Last week, the nation's largest pension fund deemed his departure as ``right for shareowners'' but still questioned how a ``two-year lame duck An elected official, who is to be followed by another, during the period of time between the election and the date that the successor will fill the post. The term lame duck generally describes one who holds power when that power is certain to end in the near future. CEO'' would benefit the company. To use time efficiently, the Burbank-based company could officially name Iger as ``heir apparent heir apparent n. the person who is expected to receive a share of the estate of a family member if he/she lives longer, or is not specifically disinherited by will. (See: heir) ,'' or next in line at the upcoming board meeting, according to George Geis, associate dean of the executive MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration program at UCLA's Anderson School. ``That is certainly not an impossible scenario. But it could be perceived as too pre-emptive pre·emp·tive or pre-emp·tive adj. 1. Of, relating to, or characteristic of preemption. 2. Having or granted by the right of preemption. 3. a. ,'' he said. ``It's only prudent that they begin to profess.'' Shares of Disney rose 15 cents to close at $23.21 Monday on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . Evan Pondel, (818) 713-3662 evan.pondel(at)dailynews.com |
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