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Duties of Disney’s CEO and Board

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Ron Miller, the CEO of Disney, was Walt Disney’s son-in-law. He was seen by many as the torchbearer for his father-in-law’s artistic and corporate vision. Unfortunately, as neither an artist nor an experienced theme-park professional, he carried none of the cachet of Walt Disney’s persona. Miller was a former professional football player who as CEO was greatly expanding the firm’s activities in real estate development. In the hostile tender offer, Miller confronted the dilemma of whether to serve Walt’s vision or the interests of shareholder value maximization. Legal obligation of the board and CEO rested on the latter.

Applied Mergers and Acquisitions

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