Disney Heir Roars, but the Mouse Marches On

While Roy Disney likely achieved some satisfaction from venting his spleen, the likelihood of a more tangible effect at the Walt Disney Co. seems slim.

Last year, according to various press reports, Roy Disney and then-fellow-board member Stanley Gold attempted to drum up further support on the board for their negative opinion of Eisner. Gold stepped down from Disney's board Monday, saying it would be difficult to effect change on the board as it stands.

But the pair's 2002 oust-Eisner effort failed, as evidenced by Eisner's success in rejiggering Disney's board to a form more of his liking. And over the past year, Disney's stock price has risen about 33%. So with the stock price up and Roy off, the strength of Roy Disney's position seems weaker than last year.

It also appears that one needs a little more oomph to a charge -- a little more specific, blatant bad decision -- to push someone out of the CEO job these days. Jerry Levin could still be at Time Warner (TWX Quote), for example, had the merger with America Online that he was so closely (and correctly) identified with had not turned out to be such an awful one, in hindsight. Boeing (BA Quote) Chairman and CEO Phil Condit would not have resigned Monday had his chief financial officer not made such a scandalous hiring decision. Mere "he coulda done better" doesn't quite suffice for cutting short a more established career.

And, in fact, Eisner has already weathered his share of "gotcha" moments that might have been capitalized upon by dissatisfied shareholders. He sailed through the eyebrow-raising, eye-popping pay stories in the 1990s. He endured a lavish-retirement-perk mini-to-do last year. He's even already endured a disgruntled-former-director story, when the L.A. Times reported earlier this year that departing director Andrea Van de Kamp accused Eisner of bullying her because she was less than supportive of him.