Disney Execs Confident Company is Recession-Proof

OAKLAND: The Walt Disney Company’s top executives believe that the Disney brands, products and people will be able to overcome the challenges presented by the current economic downturn.

At the annual Disney shareholder meeting, CEO Bob Iger pointed to the Oscar-winning animated movie WALL-E as an example of Disney’s strength. He also cited the upcoming animated features Up and The Princess and the Frog, as well as the Hannah Montana feature and mentioned that Toy Story 3 was in the works.

The names of two new Disney cruise ships were unveiled. The Disney Dream will sail in 2011 and Disney Fantasy in 2012. Disney chairman John Pepper stressed that even in an economic downturn consumers will continue to treasure vacations, quality sports and movies, all entertainment options that Disney provides.

And to that end, Iger introduced D23, the first official community for Disney fans. Named in honor of the year 1923, when Walt Disney left Kansas City, headed for Hollywood and founded what would become the Disney Studios, D23 gives Disney fans VIP access to all things Disney through a brand-new website; Disney twenty-three, the club’s quarterly magazine; and D23 Expo, a Disney fan mega event to be held at the Anaheim Convention Center this fall.

Shareholders re-elected all Disney board members by an almost unanimous vote. The directors include Apple CEO Steve Jobs, who has been Disney’s largest individual shareholder, with a 7.4-percent stake, since Disney bought Pixar deal. Jobs is taking a break from Apple’s day-to-day operations because of health issues.

One proposal that was turned down was a non-binding, advisory vote on the pay packages given to Iger and other top executives.