Roy Disney leaves board
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NEW YORK (Reuters) -- Walt Disney Co. Vice Chairman Roy Disney has left the company's board and is calling for Chairman and Chief Executive Michael Eisner to resign his posts, according to a report in the online edition of The Wall Street Journal.
In a three-page letter to Eisner, Roy Disney said, "It is my sincere belief that it is you who should be leaving and not me," the newspaper reported.
Roy Disney, the nephew of visionary company founder Walt Disney, cited a litany of complaints about Eisner's leadership, including the performance of ABC television and radio networks and Disney theme parks.
But the impetus for the resignation might be his apparent exclusion from the list of nominees to the board for the coming year, the report said. Disney has a board meeting this Tuesday.
A Disney source familiar with the situation confirmed that three board members, including Roy Disney, would not be up for re-nomination.
"Three directors have been told they are not going to be nominated again," the source said.
The three board members all passed the mandatory retirement age of 72, a threshold that has been waived in the past, the source said.
Roy Disney and Eisner have been at odds in recent years over the company's management as its strong financial position has faltered.
Roy Disney in August said he struck a deal to sell more than 40 percent of his stake in the company, in which he was the largest individual shareholder.
A spokesperson for Roy Disney was not immediately available to comment Sunday.
Copyright 2003
Reuters. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
