Roy Disney News
I streamlined my links and stuff earlier, but I need to remove one more link, since savedisney.com no longer works. Broc Romanek reported the following on July 12, 2005:
[T]he Walt Disney Company and former directors Roy Disney and Stanley Gold have reached a truce in their ongoing battles. Roy and Stan have agreed not to run a slate of directors or submit shareholder resolutions for the next five years, as well as drop the CEO succession lawsuit that the Delaware Chancellor Chandler recently refused to dismiss. The two also pledged to back the leadership of new CEO Robert Iger.
In exchange, Roy Disney has been named a director emeritus and a consultant to the company. In addition, the company reaffirmed to rotate members of the board's committees, as currently required by the company's corporate governance guidelines.
From a governance perspective, the problem with this arrangement is that serving as a director emeritus is not necessarily good for other shareholders. Even though Roy will be a presence in the boardroom - and may impact decisionmaking there - he will not owe any fiduciary duties to shareholders nor will shareholders have an opportunity to withhold votes against him (i.e. the equivalent of voting against) if they don't believe he is performing or the right person for the job.
So, Roy and Stanley took down the savedisney.com website, and everything is hunky dory, right? Wrong:
Today, many believe the Walt Disney Company is on the track to success in the best traditions of Walt and Roy. Still others believe this company, built on creativity, is in need of repair and redirection. A website named Save Disney was started to provide a constant source of news and information on all matters of Disney interest. That site, which is no longer available for viewing, has been the inspiration for this Saved Disney website. On this site we hope to post news, information, and opinions from around the world. It is my sincere wish and desire that, like it s inspiration, it will be a fresh testament to Disney. This site can also be a forum for both enthusiasts and critics alike.
Well, that's part of the story:
As for my personal agenda beyond my own respect and love of Disney, I have undertaken the mission to nurture a traditional 2-D animation studio in hopes of keeping that American tradition alive. This site will also keep you apprised of developments as we endeavor to keep the magic alive and growing.
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