CalPERS to Withhold Vote for Eisner

Feb 10, 2005  •  Post A Comment

The California Public Employees Retirement System, the pension fund that last year helped lead the fight against The Walt Disney Co. CEO Michael Eisner, on Thursday said it was withholding its vote for Mr. Eisner’s re-election to the board at Friday’s annual meeting.

It marks the second time this week that a Disney shareholder has announced plans to withhold support for Mr. Eisner.

CalPERS, which owns more than 9.4 million shares, said it is withholding its vote for Mr. Eisner because the company is in need of new leadership. The pension fund is also withholding its support for Disney’s 2005 stock incentive plan.

It’s not the first time CalPERS has spoken out against Mr. Eisner. Last year the fund was one of the shareholders to withhold votes for Mr. Eisner’s re-election, which resulted in his being stripped of his chairman title.