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July 08, 2005

Disney Company and Roy Disney Agree to a Truce

The Walt Disney Company and two ex-directors who have waged a bitter two-year fight have agreed to a truce, including dropping a contentious shareholder lawsuit challenging the selection of the company's new chief executive officer. The company said Friday it has named former director Roy E. Disney as a director emeritus and a consultant. In exchange, Roy Disney and ex-board member Stanley Gold have agreed not to run a challenge slate of directors or submit shareholder resolutions for the next five years. The two also pledged to back the leadership of Robert Iger, who succeeds longtime chief executive Michael Eisner in September. In a brief statement Friday, the company reaffirmed its commitment to rotate members of the board's committees as currently required by the company's corporate governance guidelines.

Details & Discussion Here
Posted By: Ray @ 6:26 PM | permalink

 

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