Disney dissidents tone down protests

There won't be a knock-down, drag-out fight at this Friday's annual shareholders meeting for Disney in Minneapolis as there was last year in Philadelphia, but it won't be a love-fest either. Dissident leaders Roy Disney and Stan Gold aren't working around the clock to line-up votes against CEO Michael Eisner, so it's unlikely he'll see a repeat of the 47% no-confidence vote of last year. Nevertheless, the two say they're still going to withhold their votes from all of the current directors, including Eisner, saying they want results, not just talk. Read their latest statement.

Roy Disney and Stanley Gold Withhold Vote For All Directors at 2005 Disney Annual Meeting; Say They Have Not Conducted Campaign This Year To Ask Other Shareholders To Do the Same

Roy E. Disney and Stanley P. Gold today issued the following statement on their vote at the 2005 Disney Company Annual Meeting:

Our voting decision at the 2005 Disney Annual Meeting rests on one question - Has the Disney Board adequately addressed the issues that resulted in the unprecedented vote of "No Confidence" at last year's annual meeting?

The Board has adopted a number of policies since March, 2004. The litmus test, however, as to whether this Board has truly reformed itself is how it conducts and implements the search for Mr. Eisner's successor. We are waiting to see whether this Board has the independence and dedication to its stockholders to conduct an open and honest search for a new leader with the vision and creativity to meet the challenges ahead - a person who will become only the sixth leader of Disney, a true icon of American business and culture. At this point in time, the Board's credibility is in question due to reports that they have yet to interview a single outside candidate. Potential candidates, meanwhile, are indicating a lack of interest in the position because of delays in the search process and the uncertainty regarding when Mr. Eisner will leave the Company.

The Board has set a deadline of June 2005 to select a successor. Until we see that this Board has faithfully discharged its duties in this most critical of Board functions, and that Mr. Eisner steps down as CEO and as a member of the Board upon the culmination of the process in June, we are WITHHOLDING our vote at the 2005 Disney Annual Meeting for all members of the Disney Board. We have not conducted a campaign to ask other shareholders to do the same.

Lest there be any confusion, by withholding our vote, we are doing precisely that, no more and no less. We are withholding our vote because we are withholding final judgment. In recent months, the Board has been saying the right words. We now await its actions.