Greg Taxin
Greg Taxin
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Either he was unsuccessful in recruiting a sufficient number of qualified and talented people, or he is conceding he cannot gain enough support to replace the entire board and seek more modest changes. It's possible in a company that big that seeking more modest changes increases your chance of getting a result.
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I think it's a fairly enlightened action by this board. That's not a place the Disney board has often found itself. It's not perfect, but it's better than 99.5% of the companies out there.
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Disney directors would have to be deaf and dumb not to understand they're under a microscope. The shareholders of Disney will examine this process very carefully to understand whether the Disney board has learned anything from the Ovitz matter.
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Those shareholders wanted it to go through because they realized Washington Mutual is getting a great bargain and they will benefit from the unfair price,