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American Morning

'Minding Your Business'

Aired February 26, 2004 - 07:26   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.


BILL HEMMER, CNN ANCHOR: Let's talk money right now with Andy Serwer, minding your business.
Disney in the news again.

Let's get to Drew for the latest on this story here. Corporate boardroom, what's happening behind-the-scenes?

ANDY SERWER, "FORTUNE" MAGAZINE: Well, the pressure is definitely being turned up on CEO Michael Eisner, of course, under fire from various fronts. Yesterday, the two giant California state teachers pension funds -- that's a mouthful -- CalPERS and CalSTER, saying they will withhold their votes from Michael Eisner at the annual meeting March 3. That's next Wednesday in Philadelphia, Comcast's hometown, ironically. This is the company that's perhaps trying to -- or is trying to take over the company.

Also yesterday -- and I want to read what CalPERS had to say about Michael Eisner. This is really very striking stuff here. Sean Harrigan, the president, saying: "We have lost complete confidence in Mr. Eisner's strategic vision and leadership in creating shareholder value in the company." And in the corporate world, that is pretty harsh stuff.

HEMMER: The walls of the room are closing in this morning.

SERWER: Yes, exactly.

Another pension advisory firm, Glass Lewis, saying that it would withhold, also advising its clients to withhold votes. So you're looking at perhaps 30 percent of investors in this company not voting for Michael Eisner in essentially a no confidence vote.

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 February 26, 2004 - 07:26   ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
BILL HEMMER, CNN ANCHOR: Let's talk money right now with Andy Serwer, minding your business.
Disney in the news again.

Let's get to Drew for the latest on this story here. Corporate boardroom, what's happening behind-the-scenes?

ANDY SERWER, "FORTUNE" MAGAZINE: Well, the pressure is definitely being turned up on CEO Michael Eisner, of course, under fire from various fronts. Yesterday, the two giant California state teachers pension funds -- that's a mouthful -- CalPERS and CalSTER, saying they will withhold their votes from Michael Eisner at the annual meeting March 3. That's next Wednesday in Philadelphia, Comcast's hometown, ironically. This is the company that's perhaps trying to -- or is trying to take over the company.

Also yesterday -- and I want to read what CalPERS had to say about Michael Eisner. This is really very striking stuff here. Sean Harrigan, the president, saying: "We have lost complete confidence in Mr. Eisner's strategic vision and leadership in creating shareholder value in the company." And in the corporate world, that is pretty harsh stuff.

HEMMER: The walls of the room are closing in this morning.

SERWER: Yes, exactly.

Another pension advisory firm, Glass Lewis, saying that it would withhold, also advising its clients to withhold votes. So you're looking at perhaps 30 percent of investors in this company not voting for Michael Eisner in essentially a no confidence vote.

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