Nation's largest public pension fund to withhold votes for Eisner

Posted Friday, February 27, 2004 8:00 AM | Contributed by Jeff Rowe

California's Public Employee Retirement System, holding 9.9 million shares of Disney stock, will not vote for Michael Eisner in Disney board elections. The announcement comes shortly after research firm Glass Lewis & Co. suggested that institutional stock holders not vote for Eisner.

Read more from AP via The San Francisco Chronicle.

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Friday, February 27, 2004 8:04 AM
Good news for
Friday, February 27, 2004 8:09 AM
Jeff's avatar Maybe it actually is time for new blood, but I still think that saying Disney is on a downward spiral is going too far. 2002 was a bad year for them (and everyone else), but 2003 showed some slight gains and the last quarter was fairly strong.
Friday, February 27, 2004 8:27 AM
That's true...even Disneyland Paris had it's best december month ever in 2003.
The 'Disney Decade' was great, and we can't complain about the development of Walt Disney World and the many new movies.

But the Walt Disney Studios park could certainly use a huge amount of new rides and areas. We now have 3 rides, 3 shows and 2 "tours" about cartoons and television. Want to see it ? Costs as much as a whole day of Disneyland Paris, where there are nearly 25 decent rides.

Friday, February 27, 2004 9:31 AM
The Mole's avatar Funny thing is that the Disney Decade did even have most of it's stuff done! No Dick Tracey ride. No Roger Rabbit land. Nothing. Even Animal Kingdom isn't in the Disney Decade!
Friday, February 27, 2004 10:08 AM
rollergator's avatar Saw a big discussion about this on CNN last nite, the financial advisor types on the show were saying that Eisner is basically a lame duck, and that a vote of no confidence was a foregone conclusion at the shareholders meeting...

Bring back Roy! :)

Friday, February 27, 2004 10:56 AM
I don't know if the critics are worried about the past year's moderate improvements or the decisions being made today that will have a long-term effect.

The demise of the Pixar relationship isn't awful until you take into account the fact that Disney hasn't produced a single successful computer animated film on it's own and they have laid off a good percentage of the work force that worked on traditional animation.

The parks have had more misses than hits. DCA and the Disney Studios both opened to far reaching disappointment. Mission Space has been well received and we can assume the new Animal Kingdom coaster will prove a hit.

In movies, Disney had a great year and you cannot deny that, but keep in mind that Nemo was a Disney/Pixar hit. Pirates could have gone either way. The early word was it would flop but audiences seemingly were ready for a big pirate movie.

ABC has held steady in news but entertainment programming has had more misses than hits. They even had to bring back Millionaire for the sweeps period, a show they handled like crap previously.

ESPN remains strong but I'm not sure if that is because of the Disney influence or in spite of it.

Who does Eisner have ready to succeed him? That is what Ovitz was supposed to be but that relationship floundered. Who is next in line?

I think the investors have the right to question things at this point and maybe Eisner is the one to keep the ship sailing...but maybe he isn't.

Friday, February 27, 2004 1:29 PM
Bring back Roy? Brink back Walt!
I know, the whole freezing thing is BS.
Friday, February 27, 2004 3:51 PM
Lord Gonchar's avatar Walt Disney had wooden teeth.

(no one watched Letterman on Wednesday?)

Saturday, February 28, 2004 3:19 AM
How'd he keep the termites out of his mouth while he slept?
Saturday, February 28, 2004 12:15 PM
I guess these people don't stay up late. I caught that, and found it rather amusing.

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