Hot seat: shareholders will weigh Eisner's future.(Disney Watch; Michael Eisner)(Brief Article)

Broadcasting & Cable, March, 2004 by Higgins, John M.

The odd thing about Disney annual meetings is that many shareholders bring their children. And the kiddies beseech Disney executives to autograph their annual reports. General Motors, this isn't. Fast forward to this week's annual meeting in Philadelphia, which promises to be a lot less user-friendly.

Dissident shareholder Roy Disney has gained tremendous traction in his board reelection campaign, getting big shareholders to withhold votes from CEO Michael Eisner. Those owning 30% of Disney's stock appear to be standing firm with Roy Disney, including seven major pension funds. The ploy is psychological. His campaign carries little legal weight, but a huge no-confidence vote could make Eisner's position as CEO shaky. The extreme scenario,...