SorcererMickey
January 8th, 2005, 06:10
WALT DISNEY CO.: Board votes to split chairman, CEO jobs
Associated Press
Published January 7, 2005
LOS ANGELES -- The board of Walt Disney Co. has amended its corporate governance guidelines to officially separate the offices of chairman and chief executive, a move hailed by corporate governance advocates who pushed for the change.
The decision was announced Thursday and followed discussions with several shareholders, most notably Connecticut State Treasurer Denise Nappier, who had submitted a shareholder proposal to force the board to split the roles.
Disney's board split the roles last year after shareholders delivered a stinging vote of no confidence in then-Chairman and CEO Michael Eisner. Shareholders withheld 45 percent of their votes for his re-election to the board, a move that prompted the board to strip him of his chairmanship. Former U.S. Sen. George Mitchell was named chairman. Mitchell said the decision to formalize the splitting of the roles "embraces principles of good corporate governance that the company is committed to pursuing."
Associated Press
Published January 7, 2005
LOS ANGELES -- The board of Walt Disney Co. has amended its corporate governance guidelines to officially separate the offices of chairman and chief executive, a move hailed by corporate governance advocates who pushed for the change.
The decision was announced Thursday and followed discussions with several shareholders, most notably Connecticut State Treasurer Denise Nappier, who had submitted a shareholder proposal to force the board to split the roles.
Disney's board split the roles last year after shareholders delivered a stinging vote of no confidence in then-Chairman and CEO Michael Eisner. Shareholders withheld 45 percent of their votes for his re-election to the board, a move that prompted the board to strip him of his chairmanship. Former U.S. Sen. George Mitchell was named chairman. Mitchell said the decision to formalize the splitting of the roles "embraces principles of good corporate governance that the company is committed to pursuing."