You have to love the cluelessness that corporate directors sometimes show. Enron, Adelphia and Tyco were simply out of control, illegal to the core. While no one is accusing Michael Eisner of malfesance, the man who has ruled the Mouse Kingdom for 20 years is certainly not making many friends lately. The Roberts family have made a so-far inadequate takeover offer and Walt’s nephew Roy has been campaigning to SaveDisney.
What did the board do today as part of today’s annual meeting? After 43% of the shareholders withheld their votes to re-elect Eisner to the board, they took away his Chairman title. Who did they give it to in his place? This is where the entertainment comes in, stay with me. Former US Senator George Mitchell. And why is this funny? Because over 20% of the shareholders also withheld their votes from Mitchell! (Hint: if the independent board members actually had a clue, they would have brough in someone new from outside the empire.)