Disney Dissidents Drop Campaign

After spending a year and a half on a campaign to ouster former (as of September 2005) Walt Disney Company CEO and Chairman Michael Eisner as well as several prominent members of the Board of Directors, Roy Disney and Stanley Gold have agreed to not only drop the lawsuit they filed against the corporate giant over the selection of Robert Iger as Eisner’s heir to the CEO position back in May 2005 but they also have agreed not to run a rival slate of directors or submit any shareholder resolutions for the next five years. Personally I am a bit disappointed to see Roy and Stanley’s intrepid campaign to restore the magic to the company Walt built end with such a whimper but I can see the logic in their sudden decision with so little options left to them now that Eisner is about to resign from the corporation, possibly forever, and Robert Iger appearing to be more valuable to the company’s survival then we all originally thought, having acquired the Muppets, settled a deal with the Winstein Brothers and Miramax Pictures, and nearing a settlement with Steve Jobs and Pixar Animation Studios. Roy Disney, along with partner in the Save Disney grassroots campaign Stanley Gold, will undoubtedly have a continued role in the company, if not only a symbolic one, but details have not been made available at this point time, though they will be for sure in the next few months. Meanwhile, Roy and Stanley have released the following statement on their website:

BURBANK, Calif. (July 8, 2005) -- The Walt Disney Company, Roy E. Disney and Stanley P. Gold announced today that they have agreed to put aside the differences that have characterized their relationship over the past several years. Messrs. Disney and Gold have agreed not to run a rival slate of directors or submit shareholder resolutions for the next five years. Messrs. Disney and Gold have also agreed to dismiss all their pending lawsuits against the Company. In reestablishing ties with him and his family, the Company has named Roy E. Disney Director Emeritus and a consultant. The Company also reaffirmed its commitment to the rotation of committee members and chairpersons on its Board committees as currently required by the Company's Corporate Governance Guidelines. In putting aside their differences, the Company noted Mr. Disney's long time devotion to the Company and welcomed the reestablishment of a relationship with him and his family. Messrs. Disney and Gold expressed confidence in Mr. Iger's leadership, and as Mr. Eisner retires after 21 years with the Company, they acknowledged his contribution to the Company over the years.