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Calif. Pension Fund Won't Back Eisner
By GARY GENTILE
AP Business Writer
LOS ANGELES (AP)--Embattled Walt Disney Co. CEO Michael Eisner lost the support Wednesday of California's powerful state retirement fund, a big investor that called the company's performance ``dismal.''
The California Public Employees' Retirement System said it will withhold its votes for Eisner's re-election, citing Disney's poor performance over the past five years and saying it lacked confidence in the company's ``long-term strategic vision.''
``We have lost complete confidence in Mr. Eisner's strategic vision and leadership in creating shareholder value in the company,'' Sean Harrigan, president of the CalPERS board of administration said.
CalPERS is the 29th single largest shareholder of Disney, with 9.9 million shares.
Its announcement came hours after Glass Lewis & Co., a San Francisco-based research firm that advises institutional shareholders, recommended that holders of Disney stock withhold their votes for Eisner.
The recommendation lends strength to the efforts of two ex-board members, Stanley Gold and Roy E. Disney, to oust Eisner, who has served as chairman and chief executive since 1984.
Disney's annual meeting is scheduled for March 3 in Philadelphia.
AP-NY-02-25-04 1753EST
Copyright 2004, The Associated Press. The information contained in the AP Online news report may not be published, broadcast or redistributed without the prior written authority of The Associated Press.
By GARY GENTILE
AP Business Writer
LOS ANGELES (AP)--Embattled Walt Disney Co. CEO Michael Eisner lost the support Wednesday of California's powerful state retirement fund, a big investor that called the company's performance ``dismal.''
The California Public Employees' Retirement System said it will withhold its votes for Eisner's re-election, citing Disney's poor performance over the past five years and saying it lacked confidence in the company's ``long-term strategic vision.''
``We have lost complete confidence in Mr. Eisner's strategic vision and leadership in creating shareholder value in the company,'' Sean Harrigan, president of the CalPERS board of administration said.
CalPERS is the 29th single largest shareholder of Disney, with 9.9 million shares.
Its announcement came hours after Glass Lewis & Co., a San Francisco-based research firm that advises institutional shareholders, recommended that holders of Disney stock withhold their votes for Eisner.
The recommendation lends strength to the efforts of two ex-board members, Stanley Gold and Roy E. Disney, to oust Eisner, who has served as chairman and chief executive since 1984.
Disney's annual meeting is scheduled for March 3 in Philadelphia.
AP-NY-02-25-04 1753EST
Copyright 2004, The Associated Press. The information contained in the AP Online news report may not be published, broadcast or redistributed without the prior written authority of The Associated Press.
