OK, I feel sheepish. There I was pulling for the Roy Disney/Stanley Gold lawsuit alleging that the Disney board of directors fraudulently told shareholders they were keeping an open mind about the next CEO. Late this afternoon, when everyone else was awaiting a retirement announcement from a certain someone, these two ex-directors announced that they were dropping their lawsuit. So, what convinced these two, who had filed a lawsuit on behalf of all shareholders because they felt that the board of directors had already made up its collective mind to appoint on of its cronies as successor? Well, Roy gets a snappy title: "director emeritus and consultant." That should make should make all other Disney shareholders feel satisfied and well-represented; they should also be reassured that there is no cronyism at Disney. Oh, yeah, and Disney and Gold have agreed "not to run a challenge slate of directors or submit shareholder resolutions for the next five years." So, there goes that whole shareholder monitoring theory that I had.
These people should go to organizational counseling.
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