Roy Disney resigns, gives it to Eisner big time

Hollywood · **Roy Disney resigns, gives it to Eisner big time -** 12-01-2003, 12:18 PM

Mon Dec 1 2003 00:42:12 ET

November 30, 2003

Mr. Michael D. Eisner, Chairman
The Walt Disney Company
500 South Buena Vista Street
Burbank, CA 91521

Dear Michael,

It is with deep sadness and regret that I send you this letter of resignation from the Walt Disney Company, both as Chairman of the Feature Animation Division and as Vice Chairman of the Board of Directors.

You well know that you and I have had serious differences of opinion about the direction and style of management in the Company in recent years. For whatever reason, you have driven a wedge between me and those I work with even to the extent of requiring some of my associates to report my conversations and activities back to you. I find this intolerable.

Finally, you discussed with the Nominating Committee of the Board of Directors its decision to leave my name off the slate of directors to be elected in the coming year, effectively muzzling my voice on the Board -- much as you did with Andrea Van de Kamp last year.

Michael, I believe your conduct has resulted from my clear and unambiguous statements to you and the Board of Directors that after 19 years at the helm you are no longer the best person to run the Walt Disney Company. You had a very successful first 10-plus years at the Company in partnership with Frank Wells, for which I salute you. But, since Frank's untimely death in 1994, the Company has lost its focus, its creative energy and its heritage.

As I have said, and as Stanley Gold has documented in letters to you and other members of the Board, this Company, under your leadership has failed during the last seven years in many ways:

1. The failure to bring back ABC Prime Time from the ratings abyss it has been in for years and your inability to program successfully the ABC Family Channel. Both of these failures have had, and I believe, will continue to have, significant adverse impact on shareholder value.

2. Your consistent micro-management of everyone around you with the resulting loss of morale throughout this Company.

3. The timidity of your investments in our theme park business. At Disney's California Adventure, Paris and now in Hong Kong, you have tried to build parks "on the cheap" and they show it, and the attendance figures reflect it.

4. The perception by all of our stakeholders -- consumers, investors, employees, distributors and suppliers -- that the Company is rapacious, soul-less, and always looking for the "quick buck" rather than the long-term value which is leading to a loss of public trust.

5. The creative brain drain of the last several years, which is real and continuing, and damages our Company with the loss of every talented employee.

6. Your failure to establish and build constructive relationships with creative partners, especially Pixar, Miramax, and the cable companies distributing our products.

7. Your consistent refusal to establish a clear succession plan.

In conclusion, Michael, it is my sincere belief that it is you who should be leaving and not me. Accordingly, I once again call for your resignation or retirement. The Walt Disney Company deserves fresh, energetic leadership at this challenging time in its history just as it did in 1984 when I headed a restructuring which resulted in your recruitment to the Company.

I have and will always have an enormous allegiance and respect for this Company, founded by my uncle, Walt, and father, Roy, and to our faithful employees and loyal stockholders. I don't know if you and other directors can comprehend how painful it is for me and the extended Disney family to arrive at this decision.

In accordance with Item 6 of Form 8-K and Item 7 of Schedule 14A, I request that you disclose this letter and that you file a copy of this letter as an exhibit to a Company Form 8-K.

With sincere regret,

(Roy Disney signature)

cc: Board of Directors

Zoner · 12-01-2003, 12:26 PM

Wow. He really did lambast him...all without using "cocksucker", "monumental prick", or "snivelling, backstabbing dickhead".

Kudos.

Webb · 12-01-2003, 12:26 PM

Who needs Walt Disney stupid:

Hanna Barbera is 10 times better. rock:

Zoner · 12-01-2003, 12:28 PM

Agreed. rock:

All Disney is good for now is collaboration with Pixar.

Is This Teh 70s? · 12-01-2003, 12:52 PM

Pixar with Disney...with all those movies like Toy Story, Toy Story II, Monsters Inc., Finding Nemo...and some new shark movie coming out...you know how much money they're making...TONS! Oh yeah...didn't Pixar do Shrek too...and then they have Shrek II coming out...!

ed:

Hollywood · 12-01-2003, 01:12 PM

[quote="Is This Teh 70s?":f72d9]Pixar with Disney...with all those movies like Toy Story, Toy Story II, Monsters Inc., Finding Nemo...and some new shark movie coming out...you know how much money they're making...TONS! Oh yeah...didn't Pixar do Shrek too...and then they have Shrek II coming out...!

ed:[/quote:f72d9]

Pixar didn't do Shrek, and Nemo was the last movie in Pixar's contract with Disney (Edit--> Incredibles and Cars are still in production, my bad).

That was one of the problems with Eisner lately, he pissed off Pixar. I still love the theme parks, but Universal has got them beat. I am hoping that this ploy by Disney works, and Eisner resigns bringing in a more capable man to lead the company into a new golden era for Disney. Either that or Disney eventually becomes a subsidiary of TimeWarner and Disney World turns into Warner Bros World, co starring Mickey and Friends.

Is This Teh 70s? · 12-01-2003, 01:48 PM

Oh, yes...Dreamworks did Shrek.

Madmartagen · 12-01-2003, 02:09 PM

eisner is a total dick. just about everyone where i live has worked at disneyland at one point in their lives and that themepark is full of people that have been there 30+ years and remember how good it was before he became CEO. he is going to ruin the company with all of his hairbrained schemes. pixar is a great animation studio and he needs to get his shit together. he wasted millions of dollars on building california adventures and forced the shutdown of katella ave for years and now that its done, no one even goes to that cheap park. if anyone has been there, it seriously is a lame place to go. also, the last good disney cartoon that came out was probably the lion king (with the exception of pixar). he bought two major league teams that no one even likes, and now hes trying to sell them. i dont think there are any more Disney family members to take care of this company, so its only going to get worse.

Zoner · 12-01-2003, 02:23 PM

Not to mention the abomination that is The Mighty Ducks of Anaheim. oOo:

Thank you, Mr. Hockey Genius. Fuck sakes... hake:

Madmartagen · 12-01-2003, 02:46 PM

dude dont make fun of the ducks cause they are ducks who skate and do shit and.....theyre mighty.

you should see the buses over here and the signs that try to get everyone all hyped up over this loser team. i swear i hate their fans, they just go there because they saw the gay movie and theyre all bitches. i go to the hooters across the street and can see those turds pile in their buses to go see a disney movie hockey team. thx eisner for bringing in more idiots who cant drive on the 5 or 57 that arent going to disneyland or DCA.

Colonel · 12-01-2003, 02:51 PM

I could change a few company business related specifics here and there and this memo would detail what is wrong with the president we got two years ago. dang micro-managing, morale killing, dragging the company down, bassfish.

But I do still like the Disney franchise. They've still got a golden goose but Eisner is killing it. They just need a different guy running the show.