Disney Chairman & CEO Michael Eisner resigns -- WSJ - CBS MarketWatch.com

That's is all I know from that source, BREAKING NEWS!

I just got that too, CK! :eek:

Okay, now they are saying resigned as chairman, but staying CEO- he thinks.....:rolleyes:

I'd prefer he remained chairman, if I had a choice. That should keep out of everyday decision-making.
Right now, he's still micromanaging everything into a hole in the ground.

This is a quote from CBSMarketwatch.com:


"Eisner out as Walt Disney chairman, stays on as CEO_(DIS)_By Carolyn Pritchard
SAN FRANCISCO (CBS.MW) -- Walt Disney Co. (DIS) said late Wednesday that it is separating the chairman and CEO positions. Former Sen. George Mitchell has been elected to serve as non-executive chairman of the board. Michael Eisner will continue to serve as CEO. Stockholders representing 43 percent of Walt Disney shares voted against Eisner during the company's annual meeting earlier."

Originally posted by sediment
I'd prefer he remained chairman, if I had a choice. That should keep out of everyday decision-making.
Right now, he's still micromanaging everything into a hole in the ground.

Yeah, including the chairman....How stupid does he think people are?

From the Hollywood Reporter:

The Walt Disney Co.'s board voted late Wednesday to split the roles of chairman and chief executive, hours after shareholders delivered a stinging rebuke by withholding 43 percent of their votes for CEO Michael Eisner's re-election to the board. Disney directors voted unanimously to make board member George Mitchell the company's new chairman and voiced their continuing approval of Eisner's management and the company's strategy.

I grabbed the first headline, obviously that was ERRONEOUS and I apologize to the readers and Moderators of Mouse Planet.

Here's the story according to CBS Marketwatch:

Eisner out as Disney chair, stays CEO
By Carolyn Pritchard, CBS MarketWatch.com
Last Update: 9:18 PM ET March 3, 2004

SAN FRANCISCO (CBS.MW) -- Walt Disney Co. said late Wednesday that it is separating the chairman and CEO positions, electing former Sen. George Mitchell to serve as non-executive chairman of the board.

[....]

Michael Eisner will continue to serve as CEO.

"While making this change in governance, the board remains unanimous in its support of the company's management team and of Michael Eisner, who will continue to serve as chief executive officer," Disney said in a press release.

[....]

Shares of Disney ended Wednesday's session down 11 cents at $26.65.

Ck,
I saw the same initial headline- about had a heart attack! Now, a bit off topic, but I would like someone to go to the petition site and tell me what you see... I just checked, and the number was 10,663 or something like that, which is interesting, comsidering it was 22901 about half an hour ago.:|

Originally posted by wendybeth
Ck,
I saw the same initial headline- about had a heart attack! Now, a bit off topic, but I would like someone to go to the petition site and tell me what you see... I just checked, and the number was 10,663 or something like that, which is interesting, comsidering it was 22901 about half an hour ago.:|


11366 Total Signatures

What the heck? Thanks, NA, I appreciate it. No one is supposed to be able to access the darn thing but me and the site tech people. The sigs were really pouring in after the meeting today, so I was watching it pretty closely....Now I have to try and track down the tech support, and that is just about the hugest pain you can imagine.:| I hope they are just updating the lines.....

UGH.

Eisner needs to do more than just resign ONE position - he needs to be GONE, as in "OFF THE LOT, CLEAR OUT YOUR DESK, PUT YOUR RESUME ON MONSTER.COM AND TAKE YOUR SECRETARY WITH YOU" GONE.

He's not even fit to be a janitor at DCA anymore.

Roy needs to be rehired as Chairman, and Stanley Gold as CEO (or vice-versa, whichever works for them), and Eisner and his whole team need to be GONE, OUT, VAMOOSE'D, HASTA LUEGO'D, 86'd, HISTORY, TARRED & FEATHERED, RUN OUT ON A RAIL, C-YA, THAINK YEW, G'NOIGHT'D, GIVEN THE BOOT, GIVEN A MEETING WITH DONALD TRUMP WHERE THE DONALD WILL TELL HIM "YER FIRED!"

Patience is important here...

A replacement must be found. Until then, maintaining some sort of management is important - they can't leave the post open for six months while they look for a new CEO. Possibly they could have appointed a temporary CEO, such as Igor, but even that may not wash well.

In the meantime, Eisner is no longer running the Board, so the Board is free to search for a replacement.

I would expect Eisner to resign and a new CEO announced before the end of the year, likely sooner. It has to move fast, as most any significant Disney deal will be tainted by a lame duck CEO. Eisner's credibility in running the company completely tanked today.

All the parts are now in motion.

Originally posted by karl
Possibly they could have appointed a temporary CEO, such as Igor... Hmm, Igor (http://www.imdb.com/name/nm0001204/) as CEO? (What hump?)

With this move, it simply puts Mitchell (someone who already belives Eisner is the greatest person to lead the company) in a position where he is going to agree with everything Eisner wants to do. This change means no change. There is no way this will satisfy shareholders, in fact this will simply inflame the situation. This is just an attempt by the board to give the impression they are taking action while really taking no action. I agree - how stupid do they think we are????:confused:

Originally posted by Andrew
Hmm, Igor (http://www.imdb.com/name/nm0001204/) as CEO? (What hump?)




What a HUMP!





Sorry. I think I have a fever.:eek:

Of course it's a token move - 20% of the shareholders don't even want Mitchell on the board at all, and now he's the Chairman?

Unfortunately, this does address a lot of the concerns of the "Wall Street Crowd" over corporate governance. I think Mssrs Eisner and Mitchell are hoping that they can relieve the pressure from the institutional shareholders. Because, you know, one THOSE people are happy, the voices of the individual shareholders will be easier to ignore.

Or so they think.

AVP

All I have to say is: FINALLY!!!!!!!!!!! That was a long meeting this morning (as some of you who were in the chat room know) and I would hate to think I listened to the whole fiasco for nothing! Roy won a battle guys!

Originally posted by PapiBear
Roy needs to be rehired as Chairman, and Stanley Gold as CEO (or vice-versa, whichever works for them)

Gold would make a much better CEO than Roy, better business head.

I hope Roy and Stan keep up the pressure in the next few days while the media is hot for the story.

This is a cosmetic move only and completely unsatisfactory. In usual cases, 20% no confidence is enough to force resignation of a chairman or CEO. So here is Mitchell with a 20% no confidence ascending to chairman and Eisner with an astounding 43% no confidence remaining as CEO? This will not do. They are attempting to put a bandaid on this and I hope the folks on Wall Street and SaveDisney will not let them get away with it.

20% no confidence for Mitchell and the two other directors (whose names I cannot recall at present) should mean their resignation, and the historical 43% no confidence for Eisner means he should be off the lot by morning.

I say we storm the Disney lot and seize Eisner and Mitchell! SEIZE THEM! :~D

Then we hold a kangaroo court (or a Kanga & Roo court, led by Judge Winnie D. Pooh), and convict them of crimes against Walt's legacy!

Ay rioT ees an ugly sink, und I sink dat it is just about time zat ve had one!

I'll get the torches, you get the Burgermeister!

Originally posted by PapiBear
Then we hold a kangaroo court (or a Kanga & Roo court, led by Judge Winnie D. Pooh), and convict them of crimes against Walt's legacy! GUILTY! Thank you, that is all.

What about sentencing? I lean towards the "Clockwork Orange" treatment: Force them to watch EVERY sequel they have ever made (yes, even Cinderella II) with their eyelids held open. Continue until Eisner admits he is jealous of Walt and has tried to destroy all that he created, then make him give all his ill-gotten gains to the Make-A-Wish Foundation.

I agree that Eisner should stay ... in some capacity ... until a replacement is found.

What does anyone know about George Mitchell? I don't know much of him, but it seems like what I can remember doesn't impress me. I mean, he's a former senator, right? I don't think that brings much creative skill to his resume.

I just hope they look carefully and hard for the right person. It can't just be a political figurehead, and that's basically what George Mitchell would be ... quite literally. They need someone who knows the business, the Disney brand, and culture.

This whole thing has been a real education for the media. They were talking on the news tonight about how no one is forcing disgruntled shareholders to stay- That they can sell and walk at any time. What the newscaster didn't get is that for many of Disney's employees (oops, CAST) and shareholders, it isn't just a money thing. They are invested emotionally and conceptually in Disney, and in Walt Disney's ideals. For them, it's personal.

I think many who attended the meeting would gladly forgo jaw-dropping profits for a return to classic Disney values and long-term, sustained growth, and I think a lot of the business types are having a hard time wrapping their brains around this. It's amazing to see their befuddlement! If they just did their homework on the history of this company, it would all be so simple!

Originally posted by wendybeth
What about sentencing? I lean towards the "Clockwork Orange" treatment: Force them to watch EVERY sequel they have ever made (yes, even Cinderella II) with their eyelids held open. Continue until Eisner admits he is jealous of Walt and has tried to destroy all that he created, then make him give all his ill-gotten gains to the Make-A-Wish Foundation.

And then make them ride superstar limo over and over and over again.