Judging by the amount of e-mail that I’ve gotten about this subject this morning, Disneyana fans are buzzing about that open letter that Roy Disney just posted over at SaveDisney.com.
In this letter, Roy clearly comes out against Frank Wierenga’s proposal for the upcoming annual meeting. Which had asked “… the Board of Directors of The Walt Disney Company shall reserve at least one seat on the board for a descendant of Walter E. (Walt) Disney or Roy O. Disney (the Founders).”
Now, given that early reports had suggested that Roy Disney & Stanley Gold were actually (albeit very quietly) being supportive of the Wierenga proposal, this sudden reversal seems to have taken a lot of people by surprise. Previously, the general concensus seemed to be — given that the “Save Disney” movement was clearly running out of steam — that Roy & Stanley might now try and use Frank’s proposal as a vehicle to return them (or — at the very least — their representatives) to power at the Mouse House.
“So why is Roy now coming out against the Wierenga proposal?,” you ask. Well, the answer’s simple, really. This proposal calls for one seat on the board to be reserved for a descendant of the company’s founders. Well, given that Roy E. has four children (Roy Patrick, Susan Margaret, Abigail Edna & Timothy John) while Walt’s daughter — Diane Disney Miller — has seven children (Christopher, Johanna, Tamara, Jennifer, Ronald, Walter & Patrick) while Walt’s other daughter — the late Sharon Disney Lund — had three children (Victoria, Brad & Michelle) … We’re talking about a pretty large pool of candidates here. With each of these people potentially vying for the very same spot on Disney’s board of directors.
And you have to understand that Disney & Gold are looking for a sure thing here, folks. A guaranteed way to return to power at the Walt Disney Company. And with the Wierenga proposal … Well, there’s a very real possibility that the person that Disney’s board of directors would ultimately chose to fill this slot WOULDN’T have any ties to the “Save Disney” camp. But — rather — the board might deliberately go with someone from Diane or Sharon’s family just to spite Roy & Stanley.
Of course, opting to take this route (I.E. Chosing someone from Diane or Sharon’s family rather than Roy’s) also has its perils. After all, the Diane Disney Miller family can’t be all that fond of the current Disney management team. Given that Michael Eisner only came to power at the Mouse House in October of 1984 after Diane’s husband — Ron Miller — was unceremoniously ousted from his position as President of Walt Disney Productions. Thanks — in large part — to a corporate coup d’état that was artfully stage-managed by Diane’s own cousin, Roy E. Disney.
This is perhaps why I’d been hearing from company insiders that — were Mr. Wierenga’s proposal to actually be voted on and accepted at the upcoming shareholders meeting — the members of the board were actually supposedly leaning toward approaching members of the Lund family to help fill this slot. With the hope that one of Sharon’s children might be that much easier to deal with. That they’d come to a position on Disney’s board of directors carrying a lot less baggage.
Mind you, what with Roy now coming out against the Wierenga proposal, I guess this is all probably a moot point. With Walt’s nephew issuing statements like ” … in the interest of good corporate governance, no one should have the right to a seat on the Board merely because of his or her last name,” it’s highly doubtful that the Disney faithful will now get behind Mr. Wierenga’s proposal.
But make no mistake, folks. “Good corporate governance” isn’t the real reason that Roy & Stanley have recently come out against the Wierenga proposal. Disney & Gold just want a clear playing field as they continue to plot their return to power at the Mouse House. The idea of having to put their own candidate for that slot on Disney’s board of directors up against Diane & Sharon’s kids just terrified these two. Particularly given that — over the course of that campaign — that it was bound to come out that Walt’s kids and Roy O’s kids have been at odds for almost two decades now.
Which is why (just from a PR point of view) that Roy & Stanley had to move — and move quickly — to shut down Frank Wierenga’s campaign. To allow this “… one seat on the board to be reserved for a descendant of the company’s founders” movement to gain any real momentum could have had disastrous consequences for Disney & Gold. Particularly since their “Save Disney” movement is already running on fumes.
So the chess game continues, folks. With Robert Iger still being seen as the most likely candidate to succeed Michael Eisner as Disney’s CEO. (It’s conventional wisdom in Hollywood right now that Iger has a virtual lock on the position. That the only thing that could possibly stand in Robert’s way would be if ABC’s rating were to suddenly sag in the second half of the current season. Which doesn’t seem all that likely. Anyway …) While Roy & Stanley continue to prowl around the periphery, looking for their opportunity to get back in the game.
All this corporate maneuvering will no doubt continue ’til June of 2005, when Eisner is expected to announce his successor, then begin a victory lap that could potentially be only a few months long (Some company insiders suggest that Uncle Mike could be stepping down as early as September of 2005. That he’d take part in all of the events associated with Disneyland’s 50th anniversary, preside over Hong Kong Disneyland’s grand opening, then walk off into the sunset this fall. While still others insist that Eisner will cling to power ’til the very end of his current contract with the Walt Disney Company. Which doesn’t actually expire ’til the Fall of 2006).
After that … Iger inherits the keys to the kingdom. Now as to whether Robert actually gets to hang on his position as head of the Walt Disney Company (Or 2005 – 2006 turns out to be 1983-1984 revisited. With the Disney Company’s new president having a very short reign) … Well, only time can tell.
As for right now … JHM will be keeping an eye on the pieces as they move around Disney’s big corporate chess board.
Your thoughts?