PDF Summary:DisneyWar, by James B. Stewart

Michael Eisner's 21-year tenure as CEO of Disney was marked by both triumphs and failures, ushering in a period of creative renewal and financial growth before descending into an era of costly mistakes and internal conflicts. In DisneyWar by James B. Stewart, readers gain an in-depth look at the highs and lows of Eisner's leadership, from his early revitalization of the company to his struggles with top executives like Jeffrey Katzenberg and Michael Ovitz.

The author details Eisner's contrasting management approaches, highlighting his ambitious visions for Disney's business segments alongside his controlling leadership style. As challenges mounted internally and externally, his once transformative tenure slowly unraveled, culminating in shareholder revolts and scrutiny over his strategic decisions. For a comprehensive account of Disney's tumultuous journey under Eisner, DisneyWar pulls no punches.

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Eisner's ultimately costly decision to fire Ovitz, settling his contract for $140 million after a tumultuous sixteen months, highlighting Eisner's poor judgment and inability to delegate or manage strong executives

Stewart recounts the drawn-out and ultimately disastrous process that culminated in Ovitz’s dismissal and a public relations scandal that would cast a long shadow over Eisner’s final years at the company. The authors describe how Eisner's dissatisfaction with Ovitz started to emerge, particularly due to his disapproval of the costly renovations to Ovitz's workspace, along with issues related to his style of handling deals and managing creative talent, and the ongoing perception that Ovitz often acted independently instead of working in concert with others.

These sentiments are intensified by Eisner's view that Ovitz contributed to the public outcry regarding Jamie Tarses and the failed attempt to bring David Letterman on board, which, in Eisner's opinion, cast a negative light on him as well as the corporation. Merely a year after Eisner had taken the helm, the corporation faced a hefty financial burden due to legal costs, which resulted in the board approving a colossal $140 million "non-fault" severance package to end his contract when they decided to let Ovitz go. The particular incident highlighted the CEO's hesitancy to delegate authority, his doubts about the competence of talented executives, and his intrinsic deficiencies in choosing and managing staff to a greater extent than previous events.

Eisner's increasing inclination to become insular in his leadership style, along with his inability to cultivate a dedicated executive team,

This portion highlights a notable deficiency in Eisner's leadership, characterized by his inability to develop a stable and unified team of executives, an issue that became glaringly apparent when Roy Disney and Stanley Gold were vigorously campaigning for his ouster. Stewart emphasizes that Eisner's detailed oversight and doubt in his team members sparked internal strife, which resulted in the exit of many talented leaders whose contributions were pivotal to Disney's success and who were originally recruited by Eisner himself.

The frequent changes in Disney's leadership, characterized by the exits of talented individuals who either pursued better opportunities or found their tenure abruptly ended by Eisner, highlighted the career paths of people like Gary Wilson among others.

Stewart depicts the pattern where skilled executives, who ascended rapidly in the company under Eisner's direction, would eventually be dismissed, marginalized, or assigned to dead-end positions, usually as a result of Eisner's choices, and then they would go on to prosper after their tenure with the entertainment giant. The authors provide a variety of instances: Bill Mechanic, who played a pivotal role in the creation of Disney's lucrative home video division, advanced to the position of head at Twentieth Century Fox; the individual responsible for Disney's financial strategies as chief financial officer, Gary Wilson, left to assume leadership at Northwest Airlines; and Steve Burke, who launched the widely successful Disney Stores and spent several years in Paris, eventually transitioned to a prominent position with Comcast.

The author highlights Stanley Kinsey's pivotal contribution to the advancement of Disney's capabilities in computer animation, a fact that remained apparent following his departure from the company. Rather than thriving in the competitive environment fostered by Eisner, Kinsey opted to set up his own ventures.

Eisner heightened the rivalry within the company by placing Schneider in charge of overseeing Roth, despite their well-known professional discord.

Stewart argues that a series of strategic choices and maneuvers, which clearly demonstrated Eisner's desire for sole creative and administrative dominance at Disney, sowed the seeds of doubt and instability, and simultaneously undermined the trust and loyalty of the company's leadership. The book details the manner in which Eisner fostered a cutthroat environment among top-level managers, promoting a Darwinian culture characterized by gossip, clandestine messages, and an omnipresent feeling of being watched—starting with his early inquiries to Stanley Kinsey about the competencies of his peers and progressing to the point where he tasked Peter Schneider with supervising Joe Roth.

Eisner, cognizant of the existing strain, deliberately promoted Schneider to oversee the division responsible for live-action films, a sector supervised by Roth. The authors portray his approach to leadership as prioritizing the appearance of allegiance to Eisner over authentic dedication, undermining teamwork, weakening leadership capabilities, and resulting in an increasing number of former Disney executives who became disenchanted.

Eisner's meticulous oversight, which included determining the programming for ABC and directing the film studio's artistic direction, stifled autonomy and led to a pervasive sense of discontent among the workforce.

Stewart depicts a growing gap between what Eisner professed regarding his dedication to fostering creativity and decentralizing authority, and the actual methods he employed in conducting business. The authors emphasize several instances where he directly influenced creative decisions across various departments, thereby overriding the choices made by the designated executives. them with his own. Eisner frequently encroached upon areas at ABC that were meant for Robert Iger, causing several instances where his interference with the selection of scripts and programming arrangements hindered the network's attempts to recover, leading to tension and disorder in the company.

Eisner displayed comparable tendencies in the movie sector, paying close attention to aspects concerning the "Pirates of the Caribbean" franchise and voicing skepticism about ideas in creative meetings, even though he had earlier demonstrated trust in his production team. In animation, too, despite Roy Disney's role as head of the division, Eisner insisted on a segment set to "Pomp and Circumstance" for the Fantasia 2000 production, even after he was told it was “terrible.” The authors argue that such micromanagement contributed to a demoralized and dispirited atmosphere that stifed initiative, replacing genuine collaboration with a strained effort to anticipate Eisner’s sometimes arbitrary pronouncements.

Other Perspectives

• Eisner's conflicts with executives could be seen as a natural part of any dynamic business environment, especially in creative industries where strong personalities and visions are common.
• The strained interactions between Eisner and Katzenberg might also reflect the challenging nature of maintaining a business relationship over a long period, particularly when both parties are ambitious and have strong visions for the company.
• The success of Disney's animation department under Eisner and Katzenberg could be attributed to a broader team effort rather than the actions of any single individual, suggesting a more collaborative success story.
• Katzenberg's memo and Eisner's reaction to it could be interpreted within the context of a high-stakes industry where aggressive strategies and strong opinions are often necessary for success.
• The establishment of DreamWorks could be viewed as a natural progression of industry evolution, with talented individuals seeking to create new ventures when they feel their growth is limited elsewhere.
• Eisner's attempt to recruit and manage Ovitz could be defended as a calculated risk that, while unsuccessful, was part of a broader strategy to innovate and adapt to changing industry conditions.
• The ambiguity in Ovitz's role and the challenges in assimilating him into Disney's corporate structure could be indicative of the difficulties inherent in merging different corporate cultures and leadership styles.
• The decision to fire Ovitz, despite being costly, might have been seen as a necessary step to preserve the company's direction and culture, which Eisner believed was at risk.
• The frequent changes in Disney's leadership under Eisner could be seen as a reflection of the company's commitment to constant renewal and adaptation, rather than a failure to cultivate a dedicated executive team.
• The heightened rivalry within the company, such as placing Schneider in charge of overseeing Roth, could be interpreted as an attempt to foster a competitive environment that drives performance.
• Eisner's meticulous oversight of creative decisions could be argued as part of his responsibility to shareholders to ensure the company's products align with its brand and quality standards.

Disney aimed to expand and diversify by enhancing its amusement park business, assimilating recent acquisitions, and embarking on the creation of live-action films.

During Eisner's tenure at the helm, Disney pursued growth by focusing on three key areas: enhancing and growing its theme park resorts, producing live-action films, and actively engaging in strategic corporate acquisitions. The authors highlight the challenge of balancing Eisner's ambitious growth strategies for Disney with the need to maintain financial stability and encourage creativity in the constantly evolving entertainment industry. Stewart depicts the process as flawed and prone to mistakes, ultimately undermining the very aspects of Disney's legacy that Eisner sought to bolster.

Disney's theme parks played a crucial role in its success and simultaneously fostered an environment ripe for creative disagreement.

This part of the examination delves into the financial importance and the way in which Disney's amusement parks stand as quintessential symbols of the company's brand. The authors highlight the economic effects of raising prices, enlarging hotel facilities, and introducing new features, while also emphasizing their periodic nature and susceptibility to economic fluctuations. Stewart highlights a significant dispute where Eisner's drive to integrate notable architectural styles into the development of new attractions was at odds with the park division's commitment to providing entertainment and maintaining guest satisfaction.

The importance of theme parks to the financial health of the company is highlighted by increased admission prices, a broader range of hotel accommodations, and the debut of novel attractions, but their success is vulnerable to changes in the economy and relies on a strong fiscal environment.

The authors highlight the enduring profitability that Disney's theme parks have achieved, a result of an exceptional blend of beloved characters, enthralling attractions, and the portrayal of an idyllic world with universal allure. However, Stewart underscores that the triumphs realized were far from certain, particularly during the initial phase of Eisner's tenure. The department overseeing the amusement parks faced increasing costs and an outdated perception of "family" entertainment, and their expansion approach was constrained by a commitment to focus on theme parks rather than diversifying into the hospitality sector or wider entertainment ventures, a characteristic approach during the period when Card Walker was the former CEO.

Stewart highlights that under the financial direction of CFO Gary Wilson and with the support of the Bass family, Eisner identified a chance to substantially increase profits from theme parks by meticulously modifying prices, enhancing the variety of hotel accommodations, and adding fresh attractions to attract a diverse group of guests. The authors emphasize that despite Eisner's initial reluctance to engage in the theme park sector because of his inexperience, he ultimately welcomed the expansion and evolution of these attractions, which afforded him the opportunity to delve into his burgeoning interest in architectural design.

Eisner was captivated by ambitious architectural projects such as Disney's America, while those in charge of the theme parks focused on developing attractions that would be financially successful and well-received by guests.

The writers highlight the considerable tension between Eisner and the theme park executives, despite the financial success of the parks, highlighting the fundamental conflict that stemmed from Eisner's focus on striking architectural elements as opposed to the traditional Disney approach to theme park design. Michael Eisner's collaboration with Michael Graves in designing the hotels at Disney World spurred his pursuit of an ambitious vision for Euro Disney, prioritizing aesthetics at the expense of practical and fiscal considerations.

The book portrays the European Disney initiative as a symbol of extravagance, marked by soaring costs and a failure to adapt to European vacation practices, which significantly contributed to its early financial struggles. Michael Eisner championed the concept of Disney's America, a proposed theme park dedicated to celebrating the historical heritage of the United States. Despite garnering political backing and fiscal enticements, the initiative was eventually discarded due to economic forecasts and strong resistance from community members and conservation advocates.

The sway that Disney's America held over public perception highlighted the difficulty in balancing entertainment with historical accuracy and illustrated the important influence that opposing groups have in molding public opinion.

Stewart explores the consequences of the Disney's America project, highlighting a rift between the company's cultivated image as a purveyor of family-friendly fun and the more critical view held by a substantial segment of the public and media. The book's story explores the unforeseen opposition encountered by the company when it suggested building an amusement park near the Manassas National Battlefield Park, an area deeply revered by many.

This public relations debacle, worsened by a national campaign led by esteemed historians and environmentalists, underscored the difficulties in maintaining historical accuracy while blending elements of amusement within an environment designed for themed entertainment. Stewart argues that the idea of a historical theme park highlighted the power of organized protest groups in influencing public opinion and pressuring Eisner to abandon a project he believed would be both groundbreaking and lucrative.

Delving into the changing landscape of Hollywood's live-action film sector.

This section scrutinizes the difficulties encountered by the unit in charge of live-action films in its quest to define a clear strategic path. Stewart highlights the contrast between Touchstone's initial successful approach, which was cost-effective and made a significant impact, and the subsequent decline in interest for expensive, big-budget movies, underscoring the challenges of managing and working with high-profile individuals in a sector that is significantly swayed by the clout of celebrities. The authors depict a scenario of internal conflict characterized by executives struggling with contradictory directives, leading to frequent changes in leadership and diminished emphasis on innovation.

The initial success of Touchstone with cost-effective, innovative films paved the way for more ambitious endeavors like "Dick Tracy" and "Pearl Harbor," fostering a renewed commitment to a more systematic approach.

Stewart documents the live-action film division's strategies to adapt and find success within the rapidly evolving Hollywood scene. Touchstone Pictures, a brand established to concentrate on productions that didn't primarily target family audiences, initially thrived by creating a string of comedies that not only yielded substantial financial returns but also followed a strategy of cost-conscious, high-concept movies akin to the successful formula of a major competing studio.

The rising costs of film production and talent acquisition, exacerbated by the role played by the Creative Artists Agency, coupled with the public's demand for lavish, big-budget films, prompted Disney to concentrate on creating major cinematic events, exemplified by the expensive productions of "Dick Tracy" and "Pearl Harbor." Joe Roth's recommended approach did not yield the desired results, resulting in unpredictable financial performance and causing a return to a more regulated strategy that aimed to harmonize imaginative ideas with lower costs, in theory at least.

Negotiating with top-tier talent such as Jerry Bruckheimer and ensuring a harmony between artistic vision and financial constraints are essential in a celebrity-driven industry.

The story depicts the studio's endeavor to maintain fiscal prudence, as emphasized by Eisner, alongside the necessity to secure leading directors, writers, and actors, which is crucial for triumph in the highly competitive Hollywood arena. Stewart emphasizes the challenges by discussing deals that included a two-film commitment with Bruce Willis, which encompassed the expensive production "Armageddon" as well as the story-driven "The Sixth Sense."

Similar tensions arose with producer Jerry Bruckheimer, a veteran of high-profile, big-budget action films who championed both "The Rock" and "Pearl Harbor." The authors detail the complex negotiations necessary to conclude these deals, striking a balance between meeting the creative demands and maintaining Disney's financial obligations, all the while managing the delicate balance between protecting the sanctity of artistic expression and achieving economic success.

The live-action division of Disney was marked by internal conflicts, with executives like David Vogel and Todd Garner striving to meet the lofty standards imposed by Eisner, which resulted in clashes with top studio executives like Peter Schneider.

Stewart depicts a studio beset by turmoil at the top, with conditions deteriorating due to hasty hiring decisions and a tendency for domineering oversight, characteristics that distinctly characterized Eisner's approach. The narrative details the obstacles encountered by various heads of the studio, starting with Katzenberg and subsequently Roth and Schneider, who struggled to reconcile Eisner's inconsistent orders to boost production while also reducing costs.

Specific examples offered by Stewart include David Vogel’s championing of “The Sixth Sense” despite Eisner's opposition and Todd Garner's clashes with Schneider over control of "Pearl Harbor," highlighting how even seasoned executives faced constant threats to their positions and authority.

The company's expansion was driven by a series of acquisitions, which subsequently led to a number of disputes.

Stewart explores the key role of acquisitions in Disney's expansion strategy and the strategic rationale for gaining access to distribution systems like broadcast networks. This section delves into the complex negotiations that ultimately led to the successful acquisition of. The company underwent a considerable change with the purchase of ABC, which substantially increased Eisner's sway. The authors also scrutinize Disney's acquisition of the Fox Family network, highlighting the deficiencies in their evaluation of potential risks, the errors in judgment, and the difficulties associated with integrating acquired properties.

Disney's acquisition strategy included attempts to secure a network, which led to the successful acquisition of ABC after considering other networks such as CBS and NBC.

Stewart portrays Eisner's steadfast determination to acquire a U.S. television network as driven by the desire to distribute Disney's material directly and to strengthen the company's negotiating leverage with various production entities and content providers. The writers detail his early efforts to acquire NBC, which did not succeed when GE presented an offer that exceeded that of Disney's. But this only whetted his appetite, and in 1995, with the repeal of fin-syn restrictions, this ambition was reignited.

Stewart describes how Eisner carefully considered the acquisition of either CBS or ABC, using his interest in one to gain a bargaining advantage for a better deal with the other. In the conclusion, Eisner succeeded in persuading ABC chairman Tom Murphy to consent to Disney's acquisition of the corporation, signifying a significant media consolidation of that era.

Integrating companies like ABC into Disney's family-friendly image, while also handling complex financial and organizational issues, posed considerable challenges.

Stewart delves into the complexities of combining a major corporation like ABC with Disney, outlining the challenges faced by leaders of both entities and highlighting how Eisner was instrumental in generating a significant portion of these challenges. The atmosphere of unease. The book outlines the turmoil inside the company, underscored by the acrimonious recruitment of Jamie Tarses from NBC, and the continuous efforts to strike a balance between the network's inclination towards more edgy material and the company's longstanding commitment to entertainment suitable for all ages.

The tumultuous changes within the executive hierarchy, exemplified by the acrimonious departure of Michael Ovitz and the ensuing departure of key ABC staff members, played a role in the disorganization of these projects. Stewart highlights situations including Steve Burke's reluctance to take charge at ABC, along with Eisner's firm resolve to move the network's main offices to Burbank, California.

The purchase of Fox Family, which disregarded the long-term strategic considerations of ABC and came with a hefty price tag for a network of dubious quality, highlighted the shortcomings in Disney's comprehensive assessment process.

Stewart recounts the intensifying dispute involving Eisner and the combined forces of Roy Disney and Stanley Gold, which reached a peak with the controversial acquisition of the Fox Family Channel, a decision they doubted. The authors argue that the purchase was strategically flawed, driven by Eisner's desire to exploit synergies with ABC as he touted the benefits of “repurposing” ABC shows on the channel, even though ABC executives, never consulted before the deal, promptly revealed that this was legally and contractually impossible.

Stewart highlights the failure of Disney's team responsible for strategic planning to properly consider possible obstacles, leading to forecasts that were excessively optimistic and played a role in the financial shortcomings of Fox Family. This ultimately compelled Disney to acknowledge a significant reduction in the value of its content properties—a move among a series of expensive acquisitions and poorly handled contracts that sparked the campaign to oust Eisner.

Other Perspectives

• While Eisner's focus on architectural projects in theme parks may have clashed with the division's focus on guest satisfaction, one could argue that such ambitious projects can enhance the overall guest experience and differentiate Disney parks from competitors, potentially leading to long-term benefits.
• The financial health of theme parks being dependent on admission prices and hotel accommodations might overlook the importance of repeat visitation and customer loyalty, which can be fostered through consistent investment in park maintenance, staff training, and the creation of new experiences.
• The criticism of Disney's America and European Disney projects for their financial struggles and opposition could be countered by noting that new ventures often face initial hurdles and that lessons learned from these experiences can inform future projects and lead to better outcomes.
• The challenge of balancing entertainment with historical accuracy in projects like Disney's America could be seen as an opportunity for Disney to innovate in the way it presents history, potentially creating a new genre of educational entertainment.
• The internal conflicts within Disney's live-action film division and leadership changes could be interpreted as a natural part of the creative process in a highly competitive industry, where strong leadership and clear vision are necessary to navigate changing market trends.
• The acquisition of ABC and the subsequent challenges could be viewed as a necessary step in Disney's evolution into a media conglomerate, providing valuable learning experiences in corporate integration and cross-platform content distribution.
• The purchase of Fox Family, despite its initial shortcomings, might be defended as a strategic move to acquire content and distribution channels, which could be leveraged in the long term as the media landscape continues to evolve.

As Eisner's tenure at Disney drew to a close, he faced a growing number of challenges and his influence steadily waned.

This section explores the waning influence of Eisner and the growing challenges he faced as the company's fortunes declined, public scrutiny intensified, and the board of directors, which had once been compliant, began to carefully exercise its oversight responsibilities. Notably, the authors Roy Disney was instrumental in galvanizing a shareholder revolt, leveraging the broad discontent among different groups within the company, which considerably weakened Eisner's grip on the corporation.

Roy Disney's growing discontent as a shareholder prompted him to adopt the role of a dissenting investor.

The narrative details how the once strong alliance between Roy Disney, Stanley Gold, and Michael Eisner, which was crucial to Eisner's rise to power, gradually eroded over time. Eisner's increasingly solitary position, combined with his unpredictable and frequently confrontational management style, and above all, his failure to navigate Disney successfully into the digital age, resulted in a leadership void which Roy E. Disney leveraged, presenting himself as the defender of discontented investors who demanded Eisner's ousting.

Roy voiced apprehensions about the direction in which Eisner was steering Disney, emphasizing a waning creative energy and the lack of a definitive plan for future leadership, as well as expressing disapproval of the aggressive pursuit of financial goals.

Stewart emphasizes the steady decline of the collaborative spirit and common objectives that Roy and Eisner once held, accentuating Roy's profound reservations about Eisner's management of Disney. Eisner seemed to deliberately undermine Roy's standing by unjustly holding him responsible for the underperformance of animated features like "Treasure Planet," despite evidence to the contrary.

The authors depict Roy as a character who laments the company's relentless pursuit of financial goals to the detriment of creative quality and criticizes Disney's dominant corporate culture, which favors cost-cutting and short-term profits over the creation of enduring masterpieces. The sentiments that board members had once confined to private discussions became markedly more intense in 2002.

Roy Disney's increasing discomfort with the weakening of the Disney brand's purity prompted him to challenge Mooney's merchandising strategies and express his disapproval of Katzenberg's choices in animation, ultimately resulting in his resignation from the board as an act of protest.

The authors describe the sequence of occurrences that culminated in Roy's choice to actively oppose and undermine Eisner. Roy and the consumer products division head, Andy Mooney, had a conflict over how Disney's classic symbol should be used, which resulted in Roy not endorsing the idea of "retro" branding. Eisner harbored concerns that Tinker Bell's reputation might suffer due to clothing associated with the Disney brand. Roy's earlier concerns about Katzenberg were replaced by a growing sense of betrayal after Eisner, breaking a promise made soon after his arrival, deliberately excluded him from animation meetings, even going as far as to suggest changing the locks on his office.

This ultimately resulted in Roy's departure from the board, a decision he reached with the full support of his family members and his business partner, who is none other than Stanley Gold. Roy was motivated by a deep-seated belief that the legacy he and Gold thought they were protecting by placing their trust in him was being undermined by Eisner's conduct.

The movement to remove Eisner intensified, uniting discontented stockholders, former executives, artists associated with the company, and members of the Disney family, all of whom were united in their call for his resignation.

Stewart describes the strategies Roy employed to pressure Eisner into resigning from the corporation. Roy and Gold initiated a more substantial campaign after realizing their attempts to influence the Disney board from within were futile. A coalition of disgruntled shareholders, along with former company executives and members of the Disney family, came together with the goal of ousting Eisner, driven by growing discontent with Disney's financial performance, inability to achieve anticipated profits, and the breakdown of the relationship with Pixar.

The "Save Disney" movement skillfully utilized the internet's growing influence to create a strong base for voicing discontent and organizing resistance among shareholders specifically targeting Eisner and his allies on the board.

The Disney board of directors shifted from a stance of passivity to one of meticulous involvement.

This part examines the responsibilities of Disney's governing body, emphasizing its traditionally constrained autonomy and its evident inability to provide significant supervision. The authors describe the shift from a time of little progress to the early stages of transformation, culminating in the initial decision to divide the responsibilities between the chairman and the CEO. Stewart contends that although these measures aimed to soothe dissatisfied investors and thwart Roy Disney's efforts, they did not tackle the core issues.

The fiasco with Ovitz highlighted the persistent problem of Disney's board's lack of independence, a condition worsened by Eisner's habit of choosing directors with conflicting interests and his insufficient attempts to foster meaningful discussions about his plans or to seek out substantial input.

Stewart outlines how a series of questionable alliances and governance lapses allowed Eisner to amass significant influence over the board. The authors emphasize the paradox in Eisner's resistance to Katzenberg's attempts to position himself as Wells' heir. The president skillfully fostered a sense of contentment among the board members regarding his choices, leading to a board that frequently functioned simply to ratify Eisner's resolutions, thereby granting him considerable influence over recruitment choices.

Other Perspectives

• Eisner's tenure included significant successes, such as revitalizing the animation division and expanding the theme parks, which could be seen as evidence of his effective leadership.
• The challenges faced by Eisner might have been reflective of broader industry trends and not solely his management decisions.
• Roy Disney's criticisms could be viewed as subjective and possibly influenced by personal or emotional factors rather than purely business considerations.
• The aggressive pursuit of financial goals under Eisner could be defended as a necessary strategy for a publicly traded company accountable to shareholders.
• The merchandising strategies criticized by Roy Disney might have been successful in terms of revenue, even if they were not aligned with his vision for the brand.
• The decision to separate the roles of chairman and CEO could be seen as a proactive step towards better governance, rather than a mere reaction to pressure.
• The board's support of Eisner's decisions could be interpreted as a sign of trust in his vision and leadership, rather than a lack of independence.
• The movement to oust Eisner, while significant, may not have represented the views of the majority of shareholders or the broader Disney community.
• The lack of autonomy of the board could also be seen as a common issue in many large corporations, not unique to Disney or Eisner's leadership.