Three months ago, in a Fast Company cover story, we called for the ouster of Disney CEO Michael Eisner. Yesterday, Heath mentioned that departing board of directors member Roy E. Disney has done the same thing. Now, yet another departing board member has as well. Bump, set, spike?
Today’s papers are filled with the news that Stanley P. Gold followed Roy E. Disney in quitting the company’s board and calling for Eisner to resign. Gold didn’t merely quit. He echoed many of the criticisms Fast Company made in its October cover story.
In a five-page resignation letter, he called the Disney board “an enabler of entrenched management” that “is not effectively discharging its duty to shareholders.” Gold also charged that Eisner’s recent governance changes “stifle dissent while allowing those supportive of senior management to continue business as usual.”
More from Gold’s letter: “This board isolates those directors who believe that Michael Eisner (when measured by the dismal results over the last seven years) is not up to the challenge. Perhaps acting independently, from outside the boardroom, not hamstrung by a recently enacted board policy barring board members from communicating with shareholders and the media, I can have greater success in shaping the policies, practices and operations of Disney than I had as a member of the board.”
Who thinks it’s time for Eisner to go? To stay? Take the Fast Company poll.