NEW YORK (Reuters) - Roy Disney and Stanley Gold, the former Walt Disney Co. (DIS) directors who sparked a shareholder revolt, said on Tuesday they would withhold their votes on the board of directors at the company's annual meeting.
Disney and Gold said they are waiting to see how board members handle the selection process for a successor to Chief Executive Michael Eisner. They said they had not asked other shareholders to withhold their votes.
The two dissident shareholders said they wanted to make sure the board finishes the selection process in June, as planned, and that Eisner then steps down as CEO. Eisner has said he plans to leave the CEO post in September 2006.
In a statement, Roy Disney and Gold said the board's "credibility is in question due to reports that they have yet to interview a single outside candidate" for the CEO job.
"Potential candidates, meanwhile, are indicating a lack of interest in the position because of delays in the search process and the uncertainty regarding when Mr. Eisner will leave the company."
Disney Chairman George Mitchell said earlier this month that the board was on track to name a new CEO by June. Many investors increasingly see Bob Iger, Disney's president, as a sure winner for the job.
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IMHO the lack of interviewing external candidates speaks volumes about their credibility. It's not "in question".
Disney and Gold said they are waiting to see how board members handle the selection process for a successor to Chief Executive Michael Eisner. They said they had not asked other shareholders to withhold their votes.
The two dissident shareholders said they wanted to make sure the board finishes the selection process in June, as planned, and that Eisner then steps down as CEO. Eisner has said he plans to leave the CEO post in September 2006.
In a statement, Roy Disney and Gold said the board's "credibility is in question due to reports that they have yet to interview a single outside candidate" for the CEO job.
"Potential candidates, meanwhile, are indicating a lack of interest in the position because of delays in the search process and the uncertainty regarding when Mr. Eisner will leave the company."
Disney Chairman George Mitchell said earlier this month that the board was on track to name a new CEO by June. Many investors increasingly see Bob Iger, Disney's president, as a sure winner for the job.
End of Quote
IMHO the lack of interviewing external candidates speaks volumes about their credibility. It's not "in question".
