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27 of 30 people found the following review helpful:
5.0 out of 5 stars
I'd Rather Be Lucky Than Good, August 2, 2000
Michael Eisner is routinely credited (and has been handsomely rewarded) with the great Disney turnaround. Was it genius or luck? Kim Master's Key's to the Kingdom-How Michael Eisner Lost His Grip is a well researched and thoroughly entertaining look into the Hollywood scene and the Walt Disney Company in particular from 1984 to 1999. We are given a rare unfiltered peek over the burm and into the inner sanctum of the Magic Kingdom. In the end, one comes away with the intended impression that Bravado, Ego and Greed are the three horseman of Hollywood. We are left with an unflattering portrait of Michael Eisner as a parsimonious and deeply flawed leader clearly out of touch with the world around him. So how did such a flawed leader turn a Two Billion Dollar company into a Sixty Billion Dollar juggernaut of American industry? Frank Well's summed up the situation best when shortly after the Eisner/Wells team ascended to the leadership of Disney, Well's noted "Every time I open a door at this company, there's money behind it." What is glossed over and unappreciated in Kim Master's book is the fact that when Walt Disney died in 1966 he left the Disney organization without a well groomed leader. From 1966 to 1984 Walt literally ruled Disney from the grave and no one in the incestuous leadership of the company dared peek into the cupboard or look behind any door. The two to sixty billion dollar story, weaved by Kim Masters leaves the reader with the clear impression that it was Michael Eisner's luck rather than his talent which was at the core of this success. Michael's early failure to appreciate the value of animation, his obsession with paying the minimum for talent, the lost movie opportunities, the personal vendetta against Jeffrey Katzenberg, the hiring and firing of Michael Ovitz, the yet to pay off acquisition of ABC/CapitalCities are all fascinating vignette's in a passion play which could easily be called "As the Mouse Turns." Despite the negative tone of the book in general, Master's paints a flattering picture of Frank Well's insightful decision making and tactful backroom smoothing of feathers, leaving the reader to conclude that it was perhaps Well's talents and not Eisner's that were in fact were the real Keys to the Kingdom. With fewer doors to look behind and all the cupboards bare, it is interesting to note that since Well's death in 1994 Disney stock has grown only at about the same rate as the S&P 500. While insisting that most talent work for the minimum, we are told that Eisner in 1996 signed a long term employment contract with Disney which provided in addition to a $750,000 base salary, annual bonus participation and options for an additional 24,000,000 shares of Disney stock. In fairness to Michael Eisner the shareholders of Disney have profited handsomely during his tenure at the Company. Nevertheless even as Eisner himself might say "Yes, but could we have made the deal without giving up so much money?"
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