Man Without Qualities

Wednesday, March 03, 2004

The Fall Of The House Of Eisner IX: The First Shoe Drops

The Wall Street Journal reports:

Some 43% of Walt Disney Co. shareholders withheld their support for Chairman and Chief Executive Michael Eisner, an enormous rebuke of his leadership that could prompt company directors to force Mr. Eisner to relinquish his chairman role. The number of shares withheld was higher than many had been expecting.

Of course, that is a little less than what the Man Without Qualities predicted. But, on the other hand:

Disney executives said about 1.8 billion Disney shares were represented at the meeting, or about 87% of the 2.1 billion outstanding shares.

What to think about the 13% of current shareholders who didn't bark at all?

The Disney board will now hold a meeting at which it is supposed to at least remove Mr. Eisner as Chairman. That, of course, would be wilfull disregard of an almost unprecedented show of shareholder dissatisfaction.

Another Man Without Qualities prediction:

Michael Eisner will soon be completely removed as Chairman and CEO by his own kennel of lap dogs - and offered a token "production deal" so he can play studio executive.

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