The introductory letter for the Walt Disney Company’s 2007 Proxy starts off like this:
January 12, 2007
Dear Fellow Shareholder,
I am pleased to invite you to our 2007 Annual Meeting of shareholders, which will be held on Thursday, March 8, 2007, at 10 a.m. at the Ernest N. Morial Convention Center in New Orleans, Louisiana. We hope you will join us in supporting the revitalization of New Orleans following the devastating effects of Hurricane Katrina.
Which caught an awful lot of Disney insiders by surprise. Given that Bob Iger was supposed to be the anti-Eisner. Meaning that Disney’s new CEO was supposed to be the sort of guy who wouldn’t avoid confrontation & controversy by holding the company’s shareholders meeting in some far-flung location.
By that I mean: how many of you remember that eight year span where — after a particularly raucous meeting at Anaheim‘s Arrowhead Pond back in February of 1997, where angry shareholders took Michael Eisner to task for Mike Ovitz’s $90 million golden parachute — Disney’s old CEO literally took Mickey’s show on the road. Holding the Mouse House’s annual meetings in cities like Chicago, Denver, Fort Worth, Hartford, Kansas City, Philadelphia, Minneapolis and Seattle.
Of course, Disney’s PR flaks insisted that the reason Mickey wasn’t holding his annual meetings in Orlando or Anaheim anymore (as had been the tradition for over 20 years) was because the Mouse wanted to give more of its shareholders the chance to attend one of these corporate shindigs. But company insiders would admit (off the record, of course) that one of the added benefits of holding these gatherings in states like Minnesota & Connecticut was … Well, this practice then made it rather difficult for the company’s low-paid employees and/or minority shareholders to show up & ask Eisner embarassing questions.
But once Michael exited the Magic Kingdom in September of 2005, that meant that Disney’s corporate roadshow had finally come to an end. Or so said one senior Disney exec that I spoke with last year. When I commended the company for once again holding its shareholders meeting in Anaheim, this executive replied:
Photo courtesy of Google Images
“That’s all Iger’s doing. From here on in, he wants to hold these meetings in places that the bulk of the company’s shareholders & fans can actually get to. Which is why next year, we’re going back to Orlando. And then — after that — these meetings will alternate between Anaheim & Orlando.”
And based on what I’ve heard from dozens of Mouse House employees since March of last year, that was originally the plan. That the Walt Disney Company would hold its 2007 Meeting of shareholders at either the convention center at WDW’s Contemporary Resort Hotel or at the Coronado Springs.
But then — late last year — this plan changed. Reportedly after it was revealed that Walt Disney World would be handing over 167 of that resort’s bell, valet and baggage service positions to an outside contractor in early 2007. Given how upset the union was over this decision by WDW upper management, there was immediately talk of protests & picketing.
And the idea that some disgruntled former WDW bellman might make his way to the mike during the Q & A portion of this year’s annual meeting and then potentially embarass Bob Iger reportedly really concerned several senior Disney officials. Then — when you factor in the lingering bad feeling associated with Disney’s Magical Express Service (Which has caused hundreds of people who used to work in transportation-related businesses in the Orlando area to lose their jobs) … It was then supposedly decided that 2007 might not be the best year for the Walt Disney Company to hold its annual shareholders meeting on WDW property.
Photo courtesy of Google Images
So a search was then allegedly begun for an alternate meeting site. Then someone in PR reportedly came up with the idea of holding Disney’s Annual Meeting of shareholders in New Orleans. Which was immediately embraced, given that it serviced both of the corporation’s needs beautifully. In that Mickey was sure to get tons of positive publicity for offering to hold its annual meeting in this still-struggling-to-recover municipality. While — at the same time — given the news that’s been coming out of New Orleans lately … It seemed quite likely that a lot of Disney shareholders would opt out of attending an annual meeting that was being held in the Big Easy. Prefering to wait ’til the Mouse House held its next corporate gathering in a much more hospitable spot. Like — say — Anaheim or Orlando.
Speaking of which, I made a call yesterday to the same senior Disney exec that I spoke with last year. And he said:
“After all of the bad feelings associated with this new outsider contractor & Magical Express have faded away, then the annual meeting will come back to Orlando. That may be 2008. More likely 2009.”
So there you have it, folks. Disney’s heading to New Orleans in March only partially because this corporation wants to help that city with its recovery effort. Truth be told, the main reason that the Mouse will be holding its meeting at the Ernest N. Morial Convention Center is because Bob Iger is hoping to find a more easy-going crowd in the Big Easy.
A Brief History of the Walt Disney Company’s Annual Meetings
Up until 1969, these annual gatherings of shareholders were held right on the Disney lot in Burbank. With hundreds of chairs being set up inside one of the studio’s massive soundstages.
Starting in 1970, these Annual Meetings of shareholders were held off the lot. With Disney’s first off-site corporate gathering being presented at Hollywood’s Pantages Theater. For the five years after that, the company’s annual meetings were held at the Dorothy Chandler Pavilion at the Los Angeles Music Center. Starting in 1977, Walt Disney Productions — with just three exceptions* — would hold its annual meetings in either Anaheim, the Orlando area and/or on WDW property for the next 21 years.
Year Annual Meeting was Held
Location
1970
Hollywood
1971
Los Angeles
1972
Los Angeles
1973
Los Angeles
1974
Los Angeles
1975
Los Angeles
1976
Los Angeles
1977
Anaheim
1978
Anaheim
1979
Lakeland, FL
1980
Anaheim
1981
Anaheim
1982
Anaheim
1983
Walt Disney World
1984
Walt Disney World
1985
Anaheim
1986
Boca Raton, FL
1987
Anaheim
1988
Kansas City
1989
Walt Disney World
1990
Anaheim
1991
Anaheim
1992
Walt Disney World
1993
Anaheim
1994
Walt Disney World
1995
Walt Disney World
1996
New York City
1997
Anaheim
1998
Kansas City
1999
Seattle
2000
Chicago
2001
Fort Worth
2002
Hartford
2003
Denver
2004
Philadelphia
2005
Minneapolis
2006
Anaheim
2007
New Orleans
* In 1986, Disney’s annual meeting was held in Boca Raton, FL to help promote one of Arvida’s signature properties, the Boca Raton Resort & Club. In 1988, this corporate gathering was held in Kansas City to celebrate Walt Disney’s ties to that burg. In 1996, in recognition of the Walt Disney Company’s recent acquisition of Capital Cities / ABC, Inc., that year’s annual meeting was held in New York City.
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