This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Disney Gadflies Buzzing Again

"The board has set a deadline of June 2005 to select a successor," say the ex-directors in their statement. "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.

"In recent months, the board has been saying the right words," conclude the ex-directors. "We now await its actions."

The only confirmed candidate to succeed Eisner is President Bob Iger, who Disney's board said was the only Disney employee in the running.

At a meeting with analysts last week, Mitchell -- who plans, in accordance with Disney's retirement policies, to step down from the board in 2006 -- told analysts that the board approaches its determination of a successor "in good faith, with open minds." Said Mitchell, "There has been no prior determination; there are no preconditions."

Gold and Disney aren't the only parties to the Disney shareholder vote who have turned down the volume on their criticism of board members.

Proxy advisory firm Glass Lewis is recommending that shareholders vote for the Disney board's slate with the exception of Mitchell. Echoing statements from last year, when Glass Lewis argued that Mitchell wasn't independent "in the true spirit of independence," the firm now says, "His entanglements with Mr. Eisner and his rejection by shareholders at last year's annual meeting made him, in our view, perhaps the worst choice for the position of chairman."

Last year, Glass Lewis recommended withhold votes for Eisner, Mitchell and a third director.

Institutional Shareholder Services, which last year recommended a "no" vote for Eisner, is recommending votes for all directors this year. ISS, however, is recommending a vote in favor of a shareholder resolution prohibiting greenmail payments, in conflict with the board's recommendation.
2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
DIS $105.56 0.00%
AAPL $112.12 0.00%
FB $93.24 0.00%
GOOG $643.61 0.00%
TSLA $220.69 0.00%


Chart of I:DJI
DOW 17,084.49 +33.74 0.20%
S&P 500 2,014.89 +15.91 0.80%
NASDAQ 4,830.47 +19.6820 0.41%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs