From Bloomberg:
Walt Disney Co. investors withheld 43 percent of their ballots from chief executive and chairman Michael Eisner in his bid for re-election to the board according to a preliminary count, the company said at its annual meeting.

Earlier, Eisner had invited his opponents, ex-directors Roy Disney and Stanley Gold, to address investors and Gold had predicted that at least 40 percent of investors would withhold votes from Eisner. Gold asked shareholders to oust Eisner, who said Roy Disney and Gold’s conclusions were “fundamentally wrong.’’

Eisner, 61, was running unopposed and needed only one vote to be re-elected to the board. A high enough withhold vote against Eisner, who has led Disney since 1984, would pressure Disney directors to name a successor or split the role of chairman and chief executive.

Unrealated, but on the same day more news about Disney, from a New Zealand perspective.
New Zealand’s latest fantasy epic film, The Lion, The Witch and The Wardrobe, has obtained backing from Walt Disney Studios.

A Los Angeles-based film company, Walden Media, yesterday announced Disney had agreed to co-finance and distribute the big budget C. S. Lewis children’s classic, which was being brought to the screen by Oscar-winning Kiwi producer-director Andrew Adamson.

The deal also allows for the continuation of the partnership for any future films based on the Chronicles of Narnia series of seven novels, which have sold 85 million copies worldwide.

Disney chairman Dick Cook said the $170-million film had an exciting and meaningful plot, with well-drawn and emotional characters.

“I think this is just the kind of movie audiences are looking for,” Cook said.

Walden Media said bringing the novel to the screen needed an inventive director.

“Andrew Adamson knows better than anyone how to create magic on screen and tell a story that touches the audience’s hearts. His expertise in visual effects, animation, and live-action will be critical to a fantasy work of this magnitude,” it said.

Adamson picked up an Oscar for his work on Shrek.

Most of the film’s shoot would be done around Auckland and Waitakere City, with a short shoot in the South Island.

I’d like to see the Chronicles brought to life on film.

I don’t think Michael Eisner will be CEO much longer and George Mitchell will be Chairman only briefly.

43% of shares voted withheld support from Michael Eisner is quite an indictment and 24% of the vote was withheld from Sen. Mitchell as well. I suspect an abrupt change in management will occur within weeks.

By law the Board must consider any reasonable offer for the company. We’ll see if Comcast comes back with some cash or if another suitor appears.

IMHO the company has become bloated and the ABC operation needs to be sold. Either current management makes the tough choices or the tough choices will be made by others.

Well, he’s still there, but only just . He’s lost the chairman’s role, but he’s still chief executive.

Just take your hefty handout and go…