"While it has taken three years to reach this point, our efforts to remove Michael Eisner as CEO of the Walt Disney Company have finally succeeded. Even the Disney Board, which has proven unresponsive to its shareholders, recognized that it had to take this action after our campaign which resulted in a resounding 45% No Confidence Vote on Michael Eisner last year."

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Unfortunately, our concerns regarding this Board's process to replace Mr. Eisner were well-founded. We find it incomprehensible that the Board of Directors of Disney failed to find a single external candidate interested in the job and thus handed Bob Iger the job by default. We find it very telling that Mr. Mitchell refused to answer repeated questions about whether the entire Board had interviewed more than one external candidate. The Board has failed in what is clearly one of their most important responsibilities, the selection of the Company's CEO.

The need for the Walt Disney Company to have a clean break from the prior regime and to change the leadership culture has been glaringly obvious to everyone except this Board. The scathing portrait painted by James Stewart in DisneyWar has been widely reported without serious challenge or contradiction. A Board that is so deaf and insular cannot be entrusted to provide independent stewardship to this valuable, unique institution.

The selection of Bob Iger is yet another example of this Board's breach of faith. The pledge made by Chairman Mitchell to conduct a bona fide search was a ruse to avoid a contest at the 2005 annual meeting. Mr. Mitchell's approach to good governance is no better than a carny at the fair, enticing words but in the end the game is rigged. Disney Shareholders have been conned and their trust in this Board abused.