Shareholders Express Anger Over Pay to Ovitz and Eisner
By Bruce OrwallStaff Reporter of The Wall Street Journal
Feb. 25, 1997 10:45 pm ET
ANAHEIM, Calif. -- Some Walt Disney Co. shareholders used the company's annual meeting to deliver a strong message of discontent, complaining bitterly about the company's multimillion-dollar payout to former President Michael Ovitz and a rich new contract for Chairman and Chief Executive Michael Eisner.
During the meeting Mr. Eisner acknowledged that Mr. Ovitz's tenure at Disney was "a mistake." At another point, Mr. Eisner brought investor Warren Buffett, who has a large stake in Disney, onstage to deliver a short speech about how happy he is with the company. "I advise you to keep your stock," Mr. Buffett said.