Someone check if it is snowing in hell. According to a message on the SaveDisney.com site, Roy E. Disney and Stanley Gold have dropped their fight against the Walt Disney Company board, Eisner, and Bob Iger (the incoming CEO). Roy is rejoining the company as Director Emeritus and a consultant. Both have expressed confidence in future CEO Bob Iger and are ready to move forward toward a positive future between the Disney family and the Disney Company. All pending lawsuits have also been dropped.
I hope we’ll hear further how Iger plans to bring the company (but specifically Animation and the Themeparks) out of the tailspin Eisner has caused over the last 12 years. Last year’s ABC success is the only evidence we have of Iger’s ability to find a positive direction for The Walt Disney Company. Shows like Extreme Makeover: Home Edition and, forbid me for saying this, Dancing With the Stars, show signs of hope. So now, we can only sit back and hope that Roy and Stanley know what they’re doing. If real change remains to be made, we have just lost our knights in shining armor.
Full text of announcement below the fold:
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.