SaveDisney calls a truce with the Walt Disney Company

[RebuildtheKingdom]

I'm completely surprised abd blindsided by this announcement on the SaveDisney website today:

Joint Statement from The Walt Disney Co. and Roy E. Disney and Stanley P. Gold
BURBANK, Calif. (July 8, 2005) -- The Walt Disney Company, Roy E. Disney and Stanley P. Gold announced today that they have agreed to put aside the differences that have characterized their relationship over the past several years. Messrs. Disney and Gold have agreed not to run a rival slate of directors or submit shareholder resolutions for the next five years. Messrs. Disney and Gold have also agreed to dismiss all their pending lawsuits against the Company. In reestablishing ties with him and his family, the Company has named Roy E. Disney Director Emeritus and a consultant. The Company also reaffirmed its commitment to the rotation of committee members and chairpersons on its Board committees as currently required by the Company's Corporate Governance Guidelines. In putting aside their differences, the Company noted Mr. Disney's long time devotion to the Company and welcomed the reestablishment of a relationship with him and his family. Messrs. Disney and Gold expressed confidence in Mr. Iger's leadership, and as Mr. Eisner retires after 21 years with the Company, they acknowledged his contribution to the Company over the years.
What the hell happened??

[SkullRocker]

Am I the only one who feels betrayed by this? After all the talk from Roy and Gold as soon as they're able to cut a deal that's in their best interests they drop the "crusade" and end the fight.

Don't know about you, but my stock hasn't gone up, and I sure haven't seen any of the changes that Roy said needed to be made actually made.

[BRWombat]

I haven't yet sorted out how I feel about this... Roy and Stanley have obviously been talking with the incoming leadership, and it seems that Iger has reached out to them. I want to believe that things will be different and that Iger will step out from Eisner's shadow and put things back on track.

A big part of me was spoiling for the fight, though. I'm fearful that Roy and Stanley have given up too much by agreeing to hold their tongues for five stinkin' years.

For a comical take on the press release, see this page at InsidEar.

[hobie16]

Two of Iger's highest priorities are/were to mend fences with Roy and Stanley and to renew the partnership with Pixar. Mending fences with Roy should make the renewal with Pixar much easier.

[SkullRocker]

I dunno. I hope you're right and that this signals a change and is a sign that Iger can fix things.

I think what really gets me is the fact that Roy announces that things are settled and promptly jumps into his sailboat. After all this public posturing, attending the 50th would have been a nice touch on Roy's part if Disney were as important to him as he has been saying it is.

I have this mental image of Roy laughing on his sailboat whilst throwing 100 dollar bills over the side to mark his progress in the race.

The other thing that puzzles me is Gold. Gold resigned from the board to help Roy, and there's no mention of what he gets out of all this. I find it difficult to believe that Gold doesn't get a payday of some sort.

I guess I am just naturally cynical.

[hobie16]

Roy has probably had the Trans Pac scheduled for quite a while. It's only run every two years. On top of that he's trying to get back the record time and this is his last race ever. As it turns out the timing was bad for bidness vs. pleasure.

Stay cynical. You won't be disapointed as often.

[BRWombat]

Stay cynical. You won't be disapointed as often.

Or as George Will once put it: "The nice part about being a pessimist is that you are constantly being either proven right or pleasantly surprised."

[hobie16]

...George Will...

I liked his, "Football incorporates the two worst elements of American society: violence punctuated by committee meetings."