Roy Disney Wearing Mouse Ears Again
The long running shareholder battle between Mr. Disney and the Walt Disney Company has been resolved.
A two year fight between the Walt Disney Company and former directors Stanley Gold and Mr. Disney has finally come to a close.
What had been a brawl for control of the theme park and media company ends quietly. Messrs. Disney and Gold have dropped their outstanding lawsuits against the company.
They have also agreed not to submit any new shareholder resolutions, or to run a rival slate of company directors, for the next five years. In return, the Disney Company has named Mr. Disney Director Emeritus, and a consultant to the company.
The Disney Company also reaffirmed its commitment to following corporate governance guidelines; they specifically listed the rotation of committee members and chairpersons on Board committees in a press release.
The frequent criticism the two former directors have leveled at outgoing CEO Michael Eisner have likewise been tempered, as Messrs. Disney and Gold acknowledged Mr. Eisner’s contributions to the company over the 21 years since he left Paramount to take the Disney job.
Robert Iger will succeed Mr. Eisner as the new CEO of the self-described “Happiest Place on Earth.” In recent months, Mr. Iger and Pixar CEO Steve Jobs have both expressed public praise for each other, a possible hint that negotiations between the two companies to extend their movie deal could be resurrected.
David Utter is a staff writer for WebProNews covering technology and business. Email him here.