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Date Posted: 08:23:24 12/02/03 Tue
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 to 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 1994m, 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 the 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 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 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 S-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,
(signed) Roy E. Disney
cc: Board of Directors
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