Protest Tally Against Eisner Rises to 45.37%

Last month’s protest over Michael Eisner’s tenure as head of Walt Disney Co. was slightly louder than originally thought, according to an updated shareholder vote released Thursday.

A new preliminary tally compiled by IVS Associates Inc. shows 45.37% of the shares voted at Disney’s annual stockholders meeting March 3 in Philadelphia were withheld from Eisner in his reelection as a director. That number is about 2 percentage points higher than an earlier vote total announced at the conclusion of the meeting.

Led by former directors Roy E. Disney and Stanley P. Gold, the withhold campaign was a nonbinding action aimed as a no-confidence vote over Eisner’s management of the Burbank entertainment company.

The protest vote against Disney Chairman George J. Mitchell also was slightly higher than first reported, with 25.69% of the shares cast withheld compared with 24%. Director John Bryson had 23.96% of the shares voted withheld, while director Judith Estrin had 24.37% withheld.

Eisner said during the annual meeting that the initial results were preliminary, reflecting votes cast up until the polls opened during the meeting itself.

Roy Disney and Gold said the results continued to underscore that Disney directors should act immediately to find a replacement for Eisner. “The message from the company’s shareholders couldn’t be any clearer,” they said, adding that “you don’t need a forensic accountant to decipher the meaning of the vote.”

The company didn’t address the results directly, but reiterated its message that “performance is paramount” and that Disney is on track to grow earnings from continuing operations by more than 40% this year.