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"We see today's meeting as a first step toward saving the company " He also portrayed the jobs split as the result of wider reforms in corporate America In its statement, the board said it understood that investors were concerned about more than just the issue of separating the chairman and CEO positions Disney's shares were up 17 cents at $26 9 million votes from Eisner, called for his resignation " Institutional Shareholder Services, a proxy advisory firm that had recommended its large investor clients withhold their votes from Eisner, said the Disney board's change was welcome, but insufficient "This discontent is too wide and way too deep in the marketplace, and it has led us to believe that Eisner should go and the board should get quickly to work on planning for an orderly transition," said Sean Harrigan, president of the board of administration of the California Public Employees Retirement System disney "Stanley felt we weren't listening," Eisner said " Eisner acknowledged that the performance of Disney's ABC network was "disappointing," but he also told shareholders that Disney has "the management skills and creative talent to continue its growth path "We are aware that some voted for an immediate change in management and in the board," the statement said Mitchell has been criticized by Gold and Roy Disney as being too close to Eisner and not independent enough because his law firm had worked for Disney in the past Also Wednesday, Disney's board rejected a renewed overture from cable television giant Comcast Corp , saying it would serve no purpose to reconsider an offer already dismissed as too low Disney Splits CEO, Chairman Positions Mar 4, 10:27 AM EST Frustrated Disney shareholders spoke with a loud voice, and the company responded by stripping CEO Michael Eisner of his chairman's title â€â€? a move unlikely to quell the grumbles among many of the 43 percent who voted to withhold their support for Eisner Mitchell, a former senator from Maine, may also prove to be a controversial choice The board's action followed a long shareholders meeting marked by cheers and standing ovations for former board members Gold and Roy Disney, who have waged a bitter three-month campaign to oust Eisner "Michael Eisner must leave now," Gold said They also want Eisner to be more accountable to the board of directors and a clear succession strategy put in place It's a disservice to cast members as well as shareholders savedisney Shareholders withheld 24 percent of their votes from his re-election Wednesday â€â€? the second highest total after Eisner Disney The men have vowed to continue their fight to oust Eisner We are seeking real and meaningful change Disney's board met late Wednesday and voted unanimously to sever the roles of chairman and chief executive, naming director George Mitchell as nonexecutive chairman 82 in morning trading on the New York Stock Exchange Analysts had said that in the face of the votes, Disney's board either had to split the chairman and CEO jobs, do nothing, or fire Eisner, who has served as Disney's chairman and CEO since 1984 Eisner is keeping his job as CEO, and the board reiterated its approval for his leadership and the company's strategy " â€â€?â€â€?â€â€? AP Business Writers Seth Sutel and Rachel Beck in New York contributed to this report And we are all passionate about the output of this company His voice a bit hoarse, Eisner briefly defended himself and his fellow managers, saying he enjoyed an "excellent relationship" with the dissident board members until they disagreed with his handling of the company after the Sept Eisner, who chaired the meeting, showed little emotion, even as Gold and Roy Disney took the stage and called for his firing " Gold and Disney went slightly over the 15 minutes they were allotted at the meeting to present their case against Eisner, saying it was not sufficient for the company simply to split the roles of chairman and CEO "We should have been considering, and getting our company into contemporary governance and we did it today " Earlier Wednesday, the nation's largest public pension fund, which withheld its 9 " Eisner defended his management team: "The criticisms you have just heard are fundamentally wrong," he said to applause "I believe you have just heard rhetoric from our critics that frankly replaces reason "If the Disney board believes this is the silver bullet to fix all the problems, they are sort of mistaken," said Cheryl Gustitus, an ISS spokeswoman Major institutional shareholders have been critical of Eisner's autocratic management style and what they say is a subpar record of creating value for Disney's shareholders over the past several years "We felt we were listening and not agreeing com Yet the change in management structure came only hours after a stunning number of Disney shareholders â€â€? nearly half â€â€? did not support Eisner's re-election to the board "However, taking all these factors into account, we believe the action we have taken today is in the best long-term interest of the shareholders of the company "The board loves this company "The level of the vote makes it clear that investors have a lot of more on their minds than just the splitting of the position â€â€?â€â€?â€â€? On the Net: Roy Disney and Stanley Gold protest site: http://www : http://www The two hailed the vote and said it was a clear indication Eisner should go Although the action curbs Eisner's control over Disney and addresses the concerns of corporate governance groups who had called for the change, it won't satisfy the company's most vocal critics, ex-board members Stanley Gold and Roy E In an interview with ABC's "Nightline" program Wednesday, Eisner, 61, acknowledged the vote against him: "I do not belittle a large withhold vote We heard our shareholders who seemed to be interested in that, so we went ahead and did it," he said "And there are obviously certain people that are not happy with me personally, I guess," Eisner added 11 terrorist attacks Shareholders, following the advice of Roy Disney and Gold, also withheld more than 20 percent of their votes from two other board members: Judith Estrin and John Bryson com Walt Disney Co Early investor reaction to the changes was positive but muted " "I love this company," Eisner said 15 King and others Runner-up prizes include a bass lesson with Flea and a guitar signed by Britney Spears "I've been lucky to have done so many things these 73 years, but there's a lot more I want to do in life, especially with longtime friends like Willie and Quincy," the legendary musician said at his private studio org He's recorded classic songs including "What'd I Say" and "Georgia on My Mind Charles has been resting because of a hip ailment, but has started work on a duets album to feature B blueslab He also was one of the original inductees to the Rock and Roll Hall of Fame in 1986 " â€â€?â€â€?â€â€? On The Net: The Sir Charles Blues Lab: www Ray Charles Celebrates 73rd Birthday Sep 24, 12:28 PM EST Ray Charles celebrated his 73rd birthday with a cake shaped like a piano and visits from Quincy Jones and Willie Nelson Lyrics may be submitted through a Web site and the contest ends Dec B He also received birthday notes from Clint Eastwood, Elton John and President Bush At Tuesday's festivities, Charles also announced a blues songwriting contest, which he'll judge with help from Flea from the Red Hot Chili Peppers, Alicia Keys and Roger Waters of Pink Floyd Teenagers can submit the lyrics to a blues song and five winners will be flown to Los Angeles to work with Charles in producing the song Charles, who was 7 when he lost his eyesight, has won 13 Grammy Awards, including a Lifetime Achievement Award |
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