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Monday,
February 9th,
2004
Walt
Disney Co.'s board of directors in a letter to shareholders asked
them to question the actions of ex-directors Roy Disney and
Stanley Gold, who are campaigning to oust Chief Executive
Michael Eisner.
The board asked shareholders to consider whether
the campaign by Roy Disney and Gold serves their interests, given
that it distracts the board of directors from the company's
operations. The board also said Roy Disney and Gold voted for some
of the company decisions they now condemn, in some cases
championing those positions.
Roy Disney and Gold, who resigned last year,
have criticized Eisner for failing to revive the third-rated
ABC television network, for alienating creative business
partners including Pixar Animation Studios and for declining
theme-park attendance. They've also faulted the board for poor
corporate governance.
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