Roy E. Disney continues his campaign to oust Mouse House CEO Michael Eisner and restore former glory to the company that bears his family name.’ On Tuesday, Disney filed a document with the U.S. Securities and Exchange, blaming Eisner and other execs for company failures including EuroDisney, Disney’s California Adventure, Disney Studios Paris, Go.com and ABC Family Channel.
Credited to Michael McConnell, managing director of Roy Disney’s Shamrock Holdings, the letter can be found at www.savedisney.com. It is yet another plea for shareholders and investors to vote against Eisner and fellow board members George Mitchell, Judith Estrin and John Bryson when the board of directors meets on March 3 in Philadelphia.
The letter points to a “shift” in the company’s policies, alleging “an emphasis on the scheme rather than the consumer now results in recycling rather than innovation.” Cited as an example is the acquisition of CapCities/ABC. The letter states, “The insatiable demands of an ad-driven culture took Disney even further away from its roots as a producer of boutique content. For a controlling CEO like Eisner, the resulting multi-armed conglomerate was beyond his capabilities to manage; both administratively and creatively.”
Disney also attributes the downturn to Jeffrey Katzenberg’s departure in 1994 and the subsequent hiring of Michael Ovitz, which, McConnell writes, “foreshadowed the current ‘poor governance’ culture and Michael’s disconnect with the people for whom he works; the shareholders.” Also in question is the decision to release Snow White on home video during the same year that The Lion King was burning up the box office, rather than saving it for "an inevitable bad year."