Stanley Gold, a longtime ally of Roy Disney, followed his lead and quit The Walt Disney Co. board, blasting chairman Michael Eisner on his way out the door.
Gold, CEO of the Disney family’s private investment company, said that other Disney directors are squeezing out Roy Disney because he’s become such a harsh critic of Eisner’s management of the ailing company.
In a resignation letter, Gold charged that the board is seeking "to squelch dissent by hiding behind the veil of ‘good governance.’ What a curious result."
Disney quit on Sunday, just before the board was about to enforce a mandatory retirement age and force the 73-year-old nephew of Walt Disney out the door. Disney and Gold have turned from early supporters of Eisner to harsh critics as many divisions have misfired over the past several years.
Gold said, "It is clear to me that this Board is unwilling to tackle the difficult issues I believe this company continues to face-management failures and accountability for those failures, operational deficiencies, imprudent capital allocations, the cannibalization of certain company icons for short-term gain, the enormous loss of creative talent over the last years, the absence of succession planning and the lack of strategic focus."