Major Billy
3rd March 2004, 02:00 PM
I just returned from the 2004 Disney Shareholder's Meeting (http://www.usatoday.com/money/media/2004-03-03-disney-shareholder-meeting_x.htm) in Philadelphia, where I voted my shares in support of Roy Disney (http://www.savedisney.com) and to retire Michael Eisner.
I have long supported the Walt Disney Company, having seen the classic movies as a child, visited Disney World its first year, and lately enjoyed the newest theme parks and revitalization of the animated feature. I see Disney not as just another corporate entity but part of America, part of our heritage. That is why in recent years I became a stockholder.
I admired what Michael Eisner and his team did for Disney 20 years ago. Along with Frank Wells, Jeffrey Katzenberg, (and later Steve Jobs) he made Disney into the top movie studio and entertainment giant of the nineties. The company's market value climbed from $2 billion to $75 billion. But then something changed.
It seems to have started after Frank Wells died. Jeffrey Katzenberg had worked hard and loyally to make Disney the success it was, and was widely expected to replace Wells as no. 2 at Disney. Rather than backing him, Eisner seems to have begun treating Katzenberg as a rival, isolating him. Katzenberg felt so disrespected by Eisner (who calls him "that little midget (http://news.bbc.co.uk/1/hi/business/the_economy/388942.stm)") that he resigned in 1994, although that broke his contract.
Mike Ovitz, recruited by Eisner to replace Wells, was forced out in less than a year. Eisner writes of Ovitz: “You played the angles too much, exaggerated the truth too far, manipulated me and others too much. I told you 98% of the problem was that I did not know when you were telling the truth.”
Disney’s market value has since dropped to $44 billion.
Roy Disney, growing concerned about the direction (and loss of morale) of the company, clashed with Eisner’s dictatorial style. Disney was ousted (http://www.usatoday.com/money/media/2003-12-01-disney-words_x.htm) from the board of directors. (Along with another Eisner critic Andrea Van de Kamp)
I was beginning to believe that the problem might not be Katzenberg, Ovitz, Disney, and Van de Kamp.
It was when Eisner ended the working relationship with Steve Jobs and Pixar (http://www.dailynews.com/Stories/0,1413,200~20950~1935722,00.html) that I finally lost faith in the way Michael Eisner runs this great company. According to Jobs, “The truth is there has been little creative collaboration with Disney for years.” During the past five years, Pixar contributed more than 50 percent of Disney’s studio profits.
http://www.savedisney.com/cartoons/images/GangdumpsMike_sm.gif
I have long supported the Walt Disney Company, having seen the classic movies as a child, visited Disney World its first year, and lately enjoyed the newest theme parks and revitalization of the animated feature. I see Disney not as just another corporate entity but part of America, part of our heritage. That is why in recent years I became a stockholder.
I admired what Michael Eisner and his team did for Disney 20 years ago. Along with Frank Wells, Jeffrey Katzenberg, (and later Steve Jobs) he made Disney into the top movie studio and entertainment giant of the nineties. The company's market value climbed from $2 billion to $75 billion. But then something changed.
It seems to have started after Frank Wells died. Jeffrey Katzenberg had worked hard and loyally to make Disney the success it was, and was widely expected to replace Wells as no. 2 at Disney. Rather than backing him, Eisner seems to have begun treating Katzenberg as a rival, isolating him. Katzenberg felt so disrespected by Eisner (who calls him "that little midget (http://news.bbc.co.uk/1/hi/business/the_economy/388942.stm)") that he resigned in 1994, although that broke his contract.
Mike Ovitz, recruited by Eisner to replace Wells, was forced out in less than a year. Eisner writes of Ovitz: “You played the angles too much, exaggerated the truth too far, manipulated me and others too much. I told you 98% of the problem was that I did not know when you were telling the truth.”
Disney’s market value has since dropped to $44 billion.
Roy Disney, growing concerned about the direction (and loss of morale) of the company, clashed with Eisner’s dictatorial style. Disney was ousted (http://www.usatoday.com/money/media/2003-12-01-disney-words_x.htm) from the board of directors. (Along with another Eisner critic Andrea Van de Kamp)
I was beginning to believe that the problem might not be Katzenberg, Ovitz, Disney, and Van de Kamp.
It was when Eisner ended the working relationship with Steve Jobs and Pixar (http://www.dailynews.com/Stories/0,1413,200~20950~1935722,00.html) that I finally lost faith in the way Michael Eisner runs this great company. According to Jobs, “The truth is there has been little creative collaboration with Disney for years.” During the past five years, Pixar contributed more than 50 percent of Disney’s studio profits.
http://www.savedisney.com/cartoons/images/GangdumpsMike_sm.gif