In recent days we have seen a number of key investors state that they will not support the continued employment of Michael Eisner as the CEO of The Disney Company. This comes after the very public attacks on Eisner, and other key board members, from Roy Disney and Stanley Gold after their abrupt resignations from the company this past December.
Heavy hitters such as The California State Teachers' Retirement System, The California Public Employees' Retirement System and New York State are the some of the most recent large share holders who have announced that they want Eisner out, and out now. Glass Lewis & Co, a San Francisco based research firm, also advised institutional shareholders to vote Eisner out for his transgressions of conduct over the past few years.
It seems, with all this happening, Roy Disney should be very happy with the results of his hard work in campaigning for Eisner’s removal. He has been hard at work, since leaving the company last December, rallying support for the removal of Eisner and it just might be paying off for him now. It won’t be long until he knows for sure as Disney’s annual meeting will be held next week.
Through all that has been going on, has it been very smart of Mr. Eisner to keep so tight lipped about his position? We have been scouring the news looking for any statements from Mr. Eisner, in regards to all of the accusations that have been leveled at him, and we have not been able to find any. It is my belief that if Mr. Eisner wanted to keep his position, he would be out campaigning for the support of the shareholders, not keeping quiet.
After talking to many Disney Cast Members at the parks, it is clear that the employees would like nothing more than to see Eisner removed from his position. From what I have been told, most feel, “he is a self-centered ogre that only cares about the thickness of his wallet.” Some have even said they would welcome Comcast, or another take over, with open arms if it would mean the removal of Eisner.
In my opinion, The Disney Company has just gotten to large to be the company it once was. It has lost its focus and has just become a money generating entity like any other large company. I would like nothing more than to see The Disney Company sell off many of its parts and bring focus back to wholesome family entertainment. I would think that if Disney were just, Disney Theme Parks, Disney Pictures, Disney Animation, The Disney Channel and Disney Online, they could keep their focus on what they do best, entertaining kids of all ages from around the world.
The cash infusion to Disney would be astronomical if they sold off the other parts of the company and just focused on the heart of the business. I can only imagine the improvements that could be made to the theme parks, the talented staff that could be hired back at Disney Animation and the wonderful family programming that could be created on the Disney Channel. Focus the creative talents that the company once had and no one could touch it.
I fear a take over by Comcast, in the long run, I do not think it would help the company at all, in fact I think it would further the erosion of family value that the company has lost already. I do think that the company needs some serious changes made soon or it will fall apart, or worse yet, be ripped apart by hostile takeovers. I think focus on the heart companies would be a huge benefit to not only the shareholders, but to the consumers as well. If it were not for the Disney fans like us in the world, Disney would not be around today. We want to keep the magic alive, I want to keep that feeling when ever I enter a Disney theme park, I want to be able to share it with my children and have them share it with their own children years from now.
This next week will be a turning point for Disney, one way or another there will be change in the company after the annual meeting that is coming up. We will all be sitting on the edge of our seats waiting to see what happens.
Stay Tuned…