LPWire: New York State Pension Fund Withholds Support for Michael Eisner

New York State Pension Fund Withholds Support for Michael Eisner As Disney Chairman and CEO

State Comptroller Alan Hevesi today announced that the $118 billion New York State Common Retirement Fund, the nation's second largest pension fund, is withholding its support for Michael Eisner to continue as Chairman and Chief Executive Officer of the Walt Disney Co.

"Under Michael Eisner's management, Disney has not performed well over the last several years," Hevesi said. "His tight control over Disney decision-making and his role as both CEO and Chairman of the Board call into question his commitment to corporate governance reforms. Allegations that the Board, under his leadership did not reveal the Comcast bid to shareholders, complicates his record. I call on Disney directors to separate the positions of chairman and chief executive and to replace Mr. Eisner as soon as possible."

Alan Hevesi is the sole trustee of the New York State Common Retirement Fund, which owns 8.7 million shares of Walt Disney Co. with a market value of about $225 million.

--Posted February 27, 2004
Source: New York Treasury Dept.