Calpers withholding vote for Ei$ner (again)

[DVCconvert]

Calpers to withhold vote for Eisner's reelection

Thu Feb 10, 2005 04:05 AM ET
NEW YORK, Feb 10 (Reuters) - The activist pension fund known as Calpers said it will not support re-electing Walt Disney Co. CEO Michael Eisner to the company's board.

In a statement on its Web site, the California Public Employees' Retirement System said it would withhold its vote for Eisner at the company's shareholder meeting this Friday.


Calpers said it "believes the company is in need of new leadership".
"Consistent with our vote last year, CalPERS has lost confidence in Mr. Eisner's ability to contribute to long-term shareowner value creation," it said on its Web site.

Calpers manages almost 9.44 million Disney shares.

The pension fund also said it would vote against Disney's 2005 stock incentive plan.

Eisner has said he plans to leave the CEO post in September 2006.

Last year, Eisner lost his job as chairman after 45 percent of votes were cast against his re-election to the board and other directors also received significant protest votes.


© Reuters 2005. All Rights Reserved.

 

[raidermatt]

Hey, coupled with my shares, that makes almost 9.44 million!

Seriously though, it looks like there will still be a larger than normal withhold vote, not that I expect that to result in any further change.

 

[DVCconvert]

it looks like there will still be a larger than normal withhold vote, not that I expect that to result in any further change.

I agree with your first point, and I sadly agree with your second.