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American Morning

Minding Your Business: Eisner's Ears Burning

Aired December 01, 2003 - 07:55   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.


ANDERSON COOPER, CNN ANCHOR: Another big story we're following this morning, the last Disney heir is leaving the Disney company. He is not mousing around -- get it -- about how he feels about Michael Eisner.
Andy Serwer is off, so Christine Romans is "Minding Your Business."

Good morning.

CHRISTINE ROMANS, CNN FINANCIAL NEWS: Good morning.

Well, he is leaving. The last Disney heir on the board of directors at Disney is leaving. And this is, of course, the nephew of Walt Disney. Roy Disney resigned, and as he leaves, in his resignation letter he calls for the ouster of Michael Eisner. He says there's a perception that the company is rapacious. It is soulless and looking for a quick buck.

He says Eisner's first 10 years were his best, as the good years. And since then, there have been a lack of talent and creativity there. He says: "Michael, it is my sincere belief that it is you who should be leaving and not me." You can see this in the "L.A. Times," the entire resignation letter.

COOPER: And he was one of the guys who hired Michael Eisner in the first place.

ROMANS: Absolutely, in 1984, right. He even says, I was on the restructuring committee that, you know, brought you on board, and now I'm here to say that you need to go. He says that the theme park strategy has been, you know, on the cheap, and that you can see that in the attendance. He goes on with a whole laundry list of reasons why he...

COOPER: Not a lot of love there.

ROMANS: No. And this is a feud that's been going on for a couple of years now. So, it is...

COOPER: But he would have had to leave the board anyway. I mean, he was past the retirement age.

ROMANS: Past the retirement -- there are a couple of other people on the board who are 72 and 77. So, there are a few people on the board who are past retirement age. You know, sometimes people who are past retirement age stay on board for a very long time. I want to point out as well the company's financials. Disney said the company's financials were weak. The stock over the past year has done quite well, but bouncing back from, you know, $14 or something after September 11. So, yes, the stock is up 41 percent this year, but up 41 percent from some pretty depressed levels. But you can see...

(CROSSTALK)

COOPER: I think Minnie Mouse is making a statement later today.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.






Aired December 1, 2003 - 07:55   ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
ANDERSON COOPER, CNN ANCHOR: Another big story we're following this morning, the last Disney heir is leaving the Disney company. He is not mousing around -- get it -- about how he feels about Michael Eisner.
Andy Serwer is off, so Christine Romans is "Minding Your Business."

Good morning.

CHRISTINE ROMANS, CNN FINANCIAL NEWS: Good morning.

Well, he is leaving. The last Disney heir on the board of directors at Disney is leaving. And this is, of course, the nephew of Walt Disney. Roy Disney resigned, and as he leaves, in his resignation letter he calls for the ouster of Michael Eisner. He says there's a perception that the company is rapacious. It is soulless and looking for a quick buck.

He says Eisner's first 10 years were his best, as the good years. And since then, there have been a lack of talent and creativity there. He says: "Michael, it is my sincere belief that it is you who should be leaving and not me." You can see this in the "L.A. Times," the entire resignation letter.

COOPER: And he was one of the guys who hired Michael Eisner in the first place.

ROMANS: Absolutely, in 1984, right. He even says, I was on the restructuring committee that, you know, brought you on board, and now I'm here to say that you need to go. He says that the theme park strategy has been, you know, on the cheap, and that you can see that in the attendance. He goes on with a whole laundry list of reasons why he...

COOPER: Not a lot of love there.

ROMANS: No. And this is a feud that's been going on for a couple of years now. So, it is...

COOPER: But he would have had to leave the board anyway. I mean, he was past the retirement age.

ROMANS: Past the retirement -- there are a couple of other people on the board who are 72 and 77. So, there are a few people on the board who are past retirement age. You know, sometimes people who are past retirement age stay on board for a very long time. I want to point out as well the company's financials. Disney said the company's financials were weak. The stock over the past year has done quite well, but bouncing back from, you know, $14 or something after September 11. So, yes, the stock is up 41 percent this year, but up 41 percent from some pretty depressed levels. But you can see...

(CROSSTALK)

COOPER: I think Minnie Mouse is making a statement later today.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.