Saturday, September 11, 2004
BYE-BYE, MIKE
Incompetent CEO to Depart Walt Disney Co.
What the hell took so long? Why do Disney shareholders have to wait so long? And why didn’t the board shove Eisner out of its own accord?
Questions for the ages.
Meanwhile, the Los Angeles Times today reports, in “Eisner Decides to Leave Disney in Two Years,” by James Bates and Richard Verrier, that Michael Eisner, chief executive officer and former chairman of the board of the Walt Disney Co. will step down from the CEO position when his current contract expires in September 2006, two years from now.
As is customary for so many news articles, particularly those about the likes of Eisner, the Times reporters buried the lead. The real meat appears in paragraph six:
Industry insiders speculated that Eisner’s move may have been preemptive, giving him a chance to announce the departure, without the embarrassment of being pushed to do so by his bosses on the board, who have publicly supported him. A source close to the company said the board was not expected to renew Eisner’s contract and had not decided whether to cut him loose even sooner, should a successor be found before 2006.
No kidding.
I’m not sure if Eisner is or was the most overpaid CEO in America; I’ll let Graef Crystal answer that question. But just looking at the price chart for Disney’s common stock, accompanied by an examination of the company’s thoroughly inadequate business plan, if there even is one, it’s clear Eisner long ago had outlived his value and usefulness to Disney.
Good riddance, and bye-bye, Mike.
[Post-publication addendum: See also, “A Question of Succession,” by Sallie Hofmeister, the Los Angeles Times, September 11.]
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James Martin (Jim) Capozzola launched The Rittenhouse Review in April 2002, TRR: The Lighter Side of Rittenhouse, HorowitzWatch, and Smarter Andrew Sullivan in July 2002, and Bulldogs for Kerry-Edwards in October 2004. He is also a contributing member of President Boxer.
He received the 2002 Koufax Award for Best Post> for "Al Gore and the Alpha Girls" (published November 25, 2002). Capozzola's record in the Koufax Awards includes two additional nominations for 2002 (Best Blog and Best Writing), three nominations for 2003 (Best Blog, Best Series, and Best Writing), and two finalist nominations in 2004 (Best Blog and Best Writing).
Capozzola’s experience beyond the blogosphere includes a lengthy career in financial journalism, securities analysis, and investment research, and in freelance writing, editing, ghost-writing, and writing instruction.
He earned his bachelor's degree in political science from the University at Albany and a master's in foreign affairs from the University of Virginia.
Capozzola lives in Philadelphia with his bulldog, Mildred.
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