Hot on the heels of Michael Eisner announcing that he wouldn’t resign from Disney for two more years, Roy Disney and Stanley Gold have written a blistering open letter to the Disney Board, calling for Eisner’s nuts on a platter:
Michael Eisner’s announcement that he intends to remain CEO for the next two years forces you to make a critical decision. Will you choose to let the Company drift for two more years – allowing the pall Mr. Eisner has cast to continue to drive the most talented and creative people away from Disney, erode the morale of current employees, and prevent the Company from attracting the strong, dynamic, and creative leader it needs? Or will you reject Mr. Eisner’s brazen attempt to usurp your responsibilities as directors by stage-managing the appointment of his anointed successor and instead tangibly show your commitment to best corporate practices by immediately initiating an expeditious and broad search for a world-class CEO?
We understand and appreciate the difficult position in which Mr. Eisner has once again placed you. As those instrumental in bringing both Michael Eisner and Frank Wells to Disney in 1984, we know how close some of you are to him personally. But there is no acceptable solution that includes Mr. Eisner’s continued leadership at Disney for the next two years – let alone any longer than that. Regardless of whether he serves in a diminished capacity during the next two years as a “lame duck” or continues to manage the Company, the changes necessary to restore Disney’s luster will simply not be made.
(Thanks Bill!)