A month ago, I started a column about the Save Disney campaign. I never finished it. Just as well since some of my assertions were proved wrong with this week's "No" vote against Michael Eisner and other members of the company's Board of Directors.

For me, the whole Save Disney thing raised more questions than it answered. "If the company has been in such dire straights for the past 9 or 10 years," I wrote, "then why didn't Roy E. Disney and Stanley Gold do something about the problems sooner? And if they couldn't do it while they were in the lion's den, why should anyone think that they can now that they are on the outside looking in?" As much as I wanted to buy into the campaign, I just wasn't onboard. "And unfortunately, many others outside the Disney online community aren't either," I concluded.

Boy, was I wrong! Roy and Stan were able to do something from this side of the boardroom's doors. They were able to convince many people -- including institutional investors -- that Eisner was no longer the man for the job. Forty-three percent of the votes cast in this week's election were against retaining Eisner. The Save Disney team was originally hoping for 20 percent.

With more spin than Disneyland's Tea Cups, Disney's Board interpreted the results as meaning that the shareholders wanted a separation between management and the Board of Directors and stripped Eisner of his chairman title, appointing George Mitchell, who himself received a 24 percent "no" vote, to the position. They left Eisner as CEO.

A rolling stone may gather no moss but it sure does gather momentum. In just three short months since his resignation from the company his father and uncle started more than 80 years earlier, Roy turned from gadfly to killer bee.

There was never any question that Roy could affect this type of change within the Walt Disney Company. One only has to read the book Storming the Magic Kingdom by John Taylor to see what he was able to help accomplish 20 years ago. I'm simply amazed at the speed at which he was able to rally the troops this go round.

Color me convinced. I still have a lot of questions that are still unanswered -- Who should lead the company in the post-Eisner era? Does this campaign against Eisner weaken the company so that it is swallowed up by another company and potentially sold off in smaller units? -- but the reality is that it is time for Eisner to go. It appears time to hop on the Save Disney bandwagon or be completely run over by it.

Those who defend Eisner point to improvements in the company's finances of late.

Yes, studio revenue helped make the company look great in the past year. But is it realistic to think that The Incredibles will do Finding Nemo-like numbers? Will The Alamo be as warmly received as Pirates of the Caribbean? Will Home on the Range better Brother Bear's box office?

Yes, theme park attendance is on the rise. But will Tower of Terror make Disney's California Adventure become a destination of its own? Will visitors continue to pay annual price increases though signature attractions are often down for refurbishment? Will rising gasoline costs keep guests away?

Yes, viewer numbers on ABC have stabalized. But does Super Millionaire represent the type of shows we are supposed to be excited about? Can the company develop a lineup that makes viewers want to stop flipping channels? Can it seize upon the opportunity of a weakened NBC next season or will it stand pat with what it's got?

But I think that Disney is in for a tougher year this year than last. Eisner is trumpeting his recent accomplishments rather than pointing to successes on the horizon. Add to this shortcoming the fact that Disney is suffering black eyes in its handling of the Pixar relationship, its apparent inability to retain top management and talent, and its appearance as a greedy corporation more interested in putting out direct-to-video sequels and building off-the-shelf theme park attractions than in fostering an environment for its artists and imagineers to thrive and in providing quality family entertainment to its customers.

Perhaps Eisner's biggest gaffe, though, was his handling of Roy Disney. Niccolo Machiavelli wrote in The Prince, "Keep your friends close, but your enemies even closer." Eisner thought he was cutting Roy loose but he was actually setting him free. It was an underestimation and miscalculation that should, deservedly, cost him his job.

With this week's historic vote, the people have spoken loud and clear. The Walt Disney Company needs new leadership. Let's just hope that Roy's campaign to Save Disney really does.

In My Humble Opinion,
Matt

Posted

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