Walt Disney's Corporate Governance Crisis
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Case Code: CGOX002 Case Length: 08 Pages Period: 2004 Pub Date: 2004 Teaching Note: Not Available |
Price: Rs.300 Organization: Walt Disney Industry: Entertainment Countries: Global Themes: - |
Abstract Case Intro 1 Excerpts
Introduction
In late 2003, Walt Disney, the world's leading entertainment company found itself in rough waters as a boardroom brawl erupted. Roy E. Disney Jr., the last director from the founding Disney family was asked to resign from his position by enforcing a rule that required all directors over the age of 72 to retire. Roy E. had been highly critical of CEO Michael Eisner, who he felt was the main reason for Disney's poor performance in recent times. Roy E repeatedly called for Eisner's resignation. Roy E's. ally Stanley Gold also resigned from the board to protest against the ouster. As these events attracted wide publicity, Eisner's track record came for a critical examination. The Corporate Library, a prestigious firm that rated boards and directors for institutional investors, had ranked Disney's board as one of the ten worst among 1,800 U.S. public companies. To complicate matters further, in February 2004, leading cable operator, Comcast, announced a bid for Disney. As Eisner's performance came under attack, the board decided to relieve him of his post as chairman. Eisner, however, remained the CEO.
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