Michael D. Eisner, chairman & CEO
Good morning. I'm Michael Eisner. Welcome to the 2003 shareholder meeting of The Walt Disney Company.
The international situation is having a direct effect on a number of our businesses, as we will be discussing. Nevertheless, we continue to manage your company for the long-term. Disney has been through turbulent times before. As long as we consistently provide the best in entertainment and manage our businesses effectively, our company will prosper.
So, today, we'd like to give you an update on the company, walking you through the range of exciting initiatives that are in place across all of our businesses. We are mindful of the near- term challenges posed by current world tensions, but realize that these external forces will pass, at which time we expect the underlying strength of our assets will propel renewed growth.
Providing strategic guidance for the management of our company is the Board of Directors, whom I would now like to introduce to you. Each director is a business leader in his or her own right. Together, they form a diverse, insightful and effective group to ensure that this company, which has such a dazzling past, has an even brighter future. Unfortunately, nine of your Board members could not make it as planned due to the severe weather conditions.
First, there's John Bryson, who is chairman, president and chief executive officer of Edison International, one of the country's major energy providers.
Next, Roy Disney who is vice chairman of the Board, and chairman of Walt Disney Feature Animation.
Judy Estrin is the former Chief Technology Officer of Cisco Systems and currently is Chief Executive Officer of Packet Design, Inc., the most recent of several pioneering companies she has founded in the field of high technology.
Stanley Gold is President and Chief Executive Officer of Shamrock Holdings, which manages an investment portfolio
Bob Iger is our company's president and chief operating officer, from whom you will be hearing shortly. Bob joined Disney in 1996 when we acquired Capital Cities/ABC, where he was serving as president and chief operating officer.
Monica Lozano is president and chief operating officer of La Opinion, the largest Spanish-language daily newspaper in the United States.
George Mitchell is senior partner with the law firm of Piper Rudnick, after having served in the United States Senate for 15 years, retiring as Majority Leader in 1995.
Tom Murphy built Capital Cities/ABC from a single UHF TV station in 1954 into one of the top communications companies in the world before agreeing to join with Disney in 1995.
Father Leo O'Donovan -- who is here -- is president emeritus of Georgetown University, where he has also taught as Professor of Theology.
Ray Watson is vice chairman of The Irvine Company, which is developing America's largest master-planned urban community.
Gary Wilson joined our company in 1985 as executive vice president and chief financial officer. He is now chairman of Northwest Airlines
Next, I would like to introduce our newest member -- Robert Matschullat -- who is also here -- recently joined the board and is attending his first Disney Shareholder Meeting. Bob is a private equity investor. Previously, he served as Vice Chairman of the Board and Chief Financial Officer of Seagram Company, and prior to that, he was Head of Worldwide Investment Banking for Morgan Stanley & Co. He is a widely respected expert on corporate finance and his breadth of experience will be of great benefit to the company, the Board and the Audit Committee, which he chairs. Welcome Bob.
I would now like to ask Bob, Leo and Bob to stand and be recognized.
Now, I would like to introduce Tom Staggs, chief financial officer and senior executive vice president, to give you an overview of Disney's financial performance.