Disney’s Selection of Eisner’s Successor

In a March 17 commentary, “The Mice on Disney’s Board,” Stanley Gold and Roy Disney cast at the Walt Disney Co.’s board generalized insinuations and personal attacks that are petty, mean-spirited and wrong. Because they quarrel with the result, Gold and Disney denigrate the process and the integrity of those involved.

But in fact, the board engaged in a rigorous succession process and did everything it promised. It hired an outside search firm, took the firm’s advice as to how the process should be conducted, carefully considered internal and external candidates and held 11 full board meetings to discuss the decision.

Gold and Disney said that their criticism was focused solely on financial performance and was not personal. It is evident that their campaign was never about performance, because the company’s financial performance is undeniably strong. Disney’s earnings per share rose over 60% to an all-time high in the last fiscal year and the company generated record cash flow. Disney stock has outperformed the S&P; 500 over the last one- and three-year periods and has also bested the performance of key competitors during those same periods.

Shareholders representing millions of shares have voiced support for the board’s choice for CEO, Robert Iger.

In their piece, Gold and Disney cite an “utter lack of respect for shareholders.” With Disney stock responding positively to the succession announcement and a 92% shareholder vote in favor of the entire board only a month old, one should ask whether it is the company or Gold and Disney who are disregarding shareholders’ views.

Judith L. Estrin, Robert W. Matschullat

Directors, Walt Disney Co.

Burbank

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Re “King Eisner, Prince Iger,” editorial, March 15: For those who still have vivid memories of the halcyon days when Walt Disney was at the helm of his fabled company, the Michael Eisner reign has been a debacle. Disney under Disney was the stuff dreams are made of. The Eisner era has been nothing but bottom line, in the process shattering a legacy of imagination and inspiration that stood for values that made America great and inspired generations of youngsters. The only thing that Eisner inspires is contempt.

A.J. Buttacavoli

Oakland

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Once upon a time, there was a king called Eisner who decided to retire from his Magic Castle and go fishing by New Orleans Square. So, his merry band at the Mickey Mouse Board turned to finding a successor.

“Mirror, mirror on the wall, who’s the best candidate of them all?” they all asked. And at long last, after considering Bugs Bunny and Elmer Fudd, the board handed King Eisner a Cinderella ending by selecting Prince Charming. And they all live together happily ever after in the happiest place on Earth, some 20 leagues down by the freeway.

What did you expect them to do? Go Goofy on us and select an outsider like Daffy Duck? Now that would be a Looney Tune if I ever heard one.

Tony Esporma

Irvine