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The board vowed "to set the record straight" in its letter,
which comes in response to repeated criticism from Roy Disney and
his ally Stanley Gold, both of whom resigned from Disney's board
last year. It said that the two former directors backed some decisions
they now condemn.
Disney and Gold have mounted a protest campaign to vote against
the reelection of Eisner and three other board members at the 3
March annual meeting.
The letter to the shareholders is the most detailed response from
the company or its board since Disney and Gold resigned last year
and started the campaign. The duo have criticised Eisner, saying
that he has failed to revive the ABC television network and has
alienated business partners.
Roy Disney also accused Eisner of draining the creativity from
the company and mismanaging its finances over the past decade. As
a retort, the board said that the attack was based on distorted
evidence.
The board's 13 directors, including Eisner, also said they intended
to add another independent director this year.
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