The Top Mouse Takes A Hit

“In a remarkable vote of defiance against a once unassailable executive, shareholders owning an estimated 43 percent of the Walt Disney Company declined on Wednesday to support the re-election of Michael D. Eisner, the chairman and chief executive, to the board. The mounting shareholder dissent prodded the board to strip Mr. Eisner of the chairman’s title Wednesday night and give it to George J. Mitchell, Disney’s presiding director and a former senator. Disney board members hope the split of the chairman and chief executive titles will pacify investors disgruntled about an underperforming stock price and Mr. Eisner’s autocratic management style.”