Roy Disney resigns-seeks Eisner's resignation

Discussion in 'Current Events' started by 3rdpath, Nov 30, 2003.

  1. 3rdpath macrumors 68000


    Jan 7, 2002
    2nd star on the right and straight till morning
    one of the best resignation letters ever written. Eisner needs to leave.


    November 30, 2003

    Mr. Michael D. Eisner, Chairman
    The Walt Disney Company
    500 South Buena Vista Street
    Burbank, CA 91521

    Dear Michael:
    It is with deep sadness and regret that I send you this letter of
    resignation from the Walt Disney Company, both as Chairman of the Feature
    Animation Division and as Vice Chairman of the Board of Directors.

    You well know that you and I have had serious differences of opinion about
    the direction and style of management in the Company in recent years. For
    whatever reason, you have driven a wedge between me and those I work with even to the extent of requiring some of my associates to report my
    conversations and activities back to you. I find this intolerable.

    Finally, you discussed with the Nominating Committee of the Board of
    Directors its decision to leave my name off the slate of directors to be
    elected in the coming year, effectively muzzling my voice on the board --
    much as you did with Andrea Van de Kamp last year.

    Michael, I believe your conduct has resulted from my clear and unambiguous
    statements to you and to the Board of Directors that after 19 years at the
    helm you are no longer the best person to run the Walt Disney Company. You
    had a very successful first 10-plus years at the company in partnership with
    Frank Wells, for which I salute you. But, since Frank's untimely death in
    1994m, the Company has lost its focus, its creative energy, and its

    As I have said, and as Stanley Gold has documented in letters to you and
    other members of the Board, this Company, under your leadership has failed
    during the last seven years in many ways:

    1. The failure to bring back ABC Prime Time from the ratings abyss it
    has been in for years and your inability to program successfully the ABC
    Family Channel. Both of these failures have had, and I believe will continue
    to have, significant adverse impact on shareholder value.

    2. Your consistent micro-management of everyone around you with the
    resulting loss of morale throughout the Company.

    3. The timidity of your investments in our theme park business. At
    Disney's California Adventure, Paris and now in Hong Kong, you have tried to
    build parks "on the cheap" and they show it and the attendance figures
    reflect it.

    4. The perception by all of our stakeholders -- consumers, investors,
    employees, distributors and suppliers -- that the company is rapacious,
    soul-less, and always looking for the "quick buck" rather than long-term
    value which is leading to a loss of public trust.

    5. The creative brain drain of the last several years, which is real and
    continuing, and damages our Company with the loss of every talented

    6. Your failure to establish and build constructive relationships with
    creative partners, especially Pixar, Miramax, and the cable companies
    distributing our products.

    7. Your consistent refusal to establish a clear succession plan.

    In conclusion, Michael, it is my sincere belief that it is you who should
    be leaving and not me. Accordingly, I once again call for your resignation
    or retirement. The Walt Disney Company deserves fresh, energetic leadership
    at this challenging time in its history just as it did in 1984 when I headed
    a restructuring which resulted in your recruitment to the Company.

    I have and will always have an enormous allegiance and respect for this
    Company, founded by my uncle, Walt, and father, Roy, and to our faithful
    employees and loyal stockholders. I don't know if you and and other
    directors can comprehend how painful it is for me and the extended Disney
    family to arrive at this decision.

    In accordance with Item 6 of Form S-K and Item 7 of Schedule 14A, I
    request that you disclose this letter and that you file a copy of this
    letter as an exhibit to a Company Form 8-K.

    With sincere regret,

    (signed) Roy E. Disney
    cc: Board of Directors
  2. MrMacMan macrumors 604


    Jul 4, 2001
    1 Block away from NYC.

    Quite a letter.

    Eisner hasn't created much of anything great From ABC in a while.

    All of their movies have come from Pixar... and mostly Poor TV shows (except Alias, that show kicks).

    The theme parks have lost their 'magic'...

    They are struggling... I hope he takes this and either resigns or gets some new blood with new ideas to boost the company.
  3. bousozoku Moderator emeritus

    Jun 25, 2002
    Gone but not forgotten.
    It's good to see that it was said. I'm not sure Michael cares. He put the plastic people in management and now, it would be difficult to put real people back in place.

    My dad worked for the music division as the changes started to occur. It was a shame because it went from family-oriented to penny-oriented.
  4. MacFan26 macrumors 65816


    Jan 8, 2003
    San Francisco, California
    Wow, now that Disney has resigned, I wonder what Eisner will decide to do. It's funny that we were just having this conversation about the Disney/Pixar relationship, and Disney mentions it in his letter. I don't blame the guy.
  5. gwuMACaddict macrumors 68040


    Apr 21, 2003
    washington dc
    if what he says is true, then i guess it would seem that it is time for eisner to step down and let someone else take charge. i knew there were some hard feelings going around, but i had no idea the extent of it. alot of what roy said sounded pretty fair... will be interesting to see how stock prices and eisner react...
  6. Mr. Anderson Moderator emeritus

    Mr. Anderson

    Nov 1, 2001
    wow is right....where did you get this letter 3rdPath?

    Quickly checking Disney stock and not much of a change. Is this real? If the letter had been publicly distributed, someone in the media would have mentioned it and it would have made the news.

  7. Dont Hurt Me macrumors 603

    Dont Hurt Me

    Dec 21, 2002
    Yahooville S.C.
    Disney has gone down in recent years and sounds as if they have going the way of the bean counter, meaning you fill the top of the company with bean counters and what happens is what Disney describes,lack of innovation,loss of talent, and loss of vision and meanwhile the bean counters are doing what they do. Ford auto had this problem in the late 80's. they fixed it by getting people in there that loved auto's and design and were creative, turning around what was lost marketshare. ever see a creative bean counter? probably time for some new blood.
  8. wdlove macrumors P6


    Oct 20, 2002
    I agree this has a wow factor. Our local news ABC affiliate WCVB-TV covered this last evening. They showed an interview with Roy Disney. It is very sad. Eisner should resign, the company has fallen for the very reason that it has lost the vision of it founder Walt Disney. He had a very core foundation of beliefs and that is what made him a great innovater. Wonder if there is another Disney that could return the company to its roots.
  9. gwuMACaddict macrumors 68040


    Apr 21, 2003
    washington dc
    #9 had a story on the front page that quoted parts of a letter that read exactly like the one 3rdpath posted... dont know if that helps or not...
  10. 3rdpath thread starter macrumors 68000


    Jan 7, 2002
    2nd star on the right and straight till morning
    roy's letter made the rounds pretty quickly yesterday evening...

    there is no possible way eisner can refute the accusations but he won't resign. he's made it abundantly clear he's more concerned with himself than the vision of disney. he has run the company without concern for disney's reputation, ethics, safety and long-term viability and by conveniently not appointing an heir to his position he has cemented himself at the top for many years to come.

    i'm surprised roy didn't bring up the ongoing litigation concerning the pooh heirs( and their royal screwing by disney)...or the peggy lee debacle...or the disney kid's radio litigation...the lawsuits go on and on. if there was a 3 strikes law for companies, disney would be history and eisner would be in federal prison.

    but hey, it's just business right?
  11. bousozoku Moderator emeritus

    Jun 25, 2002
    Gone but not forgotten.
    A Rollins College professor (Vogelsong, I believe) was brought on the noon news here as a Disney expert. He's apparently written several books on the subject. Since our local economy depends so much on Disney, I imagine most people are experts. ;)

    I was surprised to hear him say that the stockholders are pleased with the current stock price and the status of the company. My parents have some Disney stock and it's valued at less than 30 percent of its value in 2000.
  12. 3rdpath thread starter macrumors 68000


    Jan 7, 2002
    2nd star on the right and straight till morning
    of course anyone who bought in at 14 is pretty happy now....;)

    i'm actually surprised the stock didn't make a larger upwards move today...afterall, they've finally gotten rid all of those pesky disney family people who are concerned about things other than the bottom line.

    eisner now has more power to whore out the disney image. a very sad day.
  13. Gyroscope macrumors regular

    Apr 29, 2002
    Um,if they have bought Pixar, that would brought little Stevie in. After a while, little Stevie would have organised coup and fired most of the board members. Then with Stevie as a iCEO Disney would get its vision again.

    Too bad isnt it?
  14. Durandal7 macrumors 68040

    Feb 24, 2001
    Another member of Disney's Board of Directors has resigned and called for Eisner to step down:

    It is with regret that I resign effective immediately from the Board of
    Directors of the Walt Disney Company and second Roy Disney's call for the
    removal of Michael Eisner as Chairman and C.E.O. I am proud of my more than
    15 years of service and my role in reshaping the Company in 1984 by bringing
    Frank Wells and Michael Eisner to the Company. I do, however, lament that my
    efforts over the past three years to implement needed changes has only
    succeeded in creating an insular Board of Directors serving as a bulwark to
    shield management from criticism and accountability. At this time, I believe
    there is little that I can achieve by working from within to refocus the
    Company. I hope that my resignation will serve as a catalyst for change at
  15. MrMacMan macrumors 604


    Jul 4, 2001
    1 Block away from NYC.
    Durandal7 -- Wow that was fast.

    Off the main page too...

    Damn, it looks like Eisner might be the only Board member left in a few days...

  16. 3rdpath thread starter macrumors 68000


    Jan 7, 2002
    2nd star on the right and straight till morning
    stanley gold's resignation isn't surprising since he's the only boardmember to historically side with roy disney.

    eisner's gotta be happy another "pest" is gone.
  17. bcsimac macrumors 6502

    Nov 4, 2002
    Bolivar, TN
    I used to be a big Disney fan and used to think it would be great to take my family to Disney parks. Now, I am not sure I would now consider it at all. Disney as a company has lost its family values. Many of my Christian colleagues now even recommend boycotting Disney. It is a sad day indead.
  18. bousozoku Moderator emeritus

    Jun 25, 2002
    Gone but not forgotten.
    Those who bought at 90 are somewhat less happy.

    It's a sad day for the employees. Now, there's no one at the top who cares about them. I think Disney employees can expect deeper cuts and more rate hikes at the parks. Certainly, three rate hikes in eighteen months couldn't be considered enough as attendance is failing.
  19. Rower_CPU Moderator emeritus


    Oct 5, 2001
    San Diego, CA
    The story continues...

    Roy Disney and Stan Gold have created a website ( to continue the campaign for Eisner's resignation.
  20. wdlove macrumors P6


    Oct 20, 2002
    I certainly hope and pray that they will be successful. The Walt Disney Company can once again be great with good leadership.
  21. 3rdpath thread starter macrumors 68000


    Jan 7, 2002
    2nd star on the right and straight till morning
    it just gets better and better. i will certainly be using their links to voice my displeasure to the disney board.

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