Stanley Gold has resigned from the Board

[tfc3rid]

Stanley Gold has now resigned from the Disney Board accordning to CNBC and the letter is posted on the Drudge Report website.

He is seconding the call that Michael Eisner resign.

 

[KathyFP]

Who will be next????

 

[Horizons16]

HOPEFULLY EISNER!!!!!!!!

 

[valeriekc]

In the paper today I thought I saw that Roy Disney has stepped down as well.
That was in the headline and I didn't read the details.
I hope that it doesn't adversley affect the bottom line or the expanding and growth of WDW.

 

[DisneyWorldDad]

Here is his resignation letter......

http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/12-01-2003/0002067081&EDATE=

DWD

 

[Calcio]

The letter from Stanley Gold is spot on.

Open an introductory finance textbook. Shareholders own the company. Shareholders elect the Board of Directors, who hires Management. Management serves at the pleasure of Shareholders, through their agents, the Board of Directors.

At Disney this is now completely reversed. Lackey directors, many of whom receive direct financial compensation from Michael Eisner, have failed in their responsibility to shareholders.

The only shock to me through the day has been the Michael Eisner now owns roughly the same number of Disney shares as Roy E. Disney. Think about that! Roy E. son of Roy O., the co-founder of the company (remember the Disney Brothers Studio?). Think about what they contributed to the company since 1923! Michael Eisner, an EMPLOYEE, has been granted sufficient shares by the Board (aren't they supposed to act in the best interests of shareholders?) that he now owns the same interest in the company as Roy E. Disney.

Wow. A nuclear failure of corporage governance. No wonder Eisner has fired anyone who stood in his way. He is effectively stealing the company from the shareholders, including me.

 

[elemusing]

I can't believe that Eisner has not put out a response. We shareholders deserve at least that!!

And speaking of the stock - have the resignations affected it today? I haven't checked. . .

 

[threeboysdad]

Basically no change in stock value. Flat, flat, flat...

However, given the DOW, Nasdaq and S&P were up almost 2%, that is not so hot.

 

[joshsmom]

I am concerned about the effects of all this on the quality of Disney as a whole. There have been threads about TDS struggling to get back up to speed. The recent happenings have to be demoralizing to the CM's. The company is in a state of turmoil. CM's are SO much a part of the Disney experience. I really feel for them too. I just hope that after the dust settles, Disney is intact.

 

[Grumpy92]

Calcio I could not agree with you more. Things started going downhill after Frank Wells died. Michael owns too much stock and I always thought no one but the Disney family should have that much stock. Having seen all these men on the front line at WDW I know that Roy & Stanley Gold have the best interest of the company in mind and always have. I get so upset with the shareholder voting because no matter how we the little stock members vote it always goes whatever way Eisner wants because HE owns the most stock. Pretty sneaky having the annual shareholder meetings in locations that most of us wont be able to go to as well. Understand last year in Colorado the attendance was very low and even some of the big stockholders could not get there. Just another way for Michael to control everything about the company.
He is so full of himself there is no way he will resign. I pray that the lawsuit shareholders have brought against the company with regards to the Ovitz buyout goes through it is our last voice.

 

[jctwizzer]

Originally posted by Grumpy92
[. I get so upset with the shareholder voting because no matter how we the little stock members vote it always goes whatever way Eisner wants because HE owns the most stock.

He must have some talent....the last proxy statement shows that he owns 1.3% of the stock, which is not exactly a controlling interest!!!