Disney's Board Questions Actions of Roy Disney, Stanley Gold

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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.