12/01/2003 Archives: "Director of the Board responds to resignation"

The Associated Press reports (via The Miami Herald) on the first response from someone at the Walt Disney Company to Roy Disney's resignation. Presiding director of the board (and former U.S. Senator) George Mitchell said "The Governance and Nominating Committee recently informed Mr. Disney of its judgment that the mandatory age limits of the company's Corporate Governance Guidelines, which had previously been unanimously approved by the Board, should be applied to him and two other Board members, Thomas S. Murphy and Raymond Watson... It is unfortunate that the Committee's judgment to apply these unanimously adopted governance rules has become an occasion to raise again criticisms of the direction of the Company, and calls for change of management, that have been previously rejected by the Board".

Posted by James at 12:48 am ET