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1、CASE:A-195DATE:09/01/07THEWALTDISNEYCOMPANY:INVESTORCOMMUNICATIONSSTRATEGYINTRODUCTIONAsthechieffinancialofficerofTheWaltDisneyCompany,TomStaggswasresponsiblenotonlyforthefinancialmanagementofthecompany,butalsoforthecommunicationofthecompany’sfinancialandstrategicobjectivestoitsinvestorbase.Beca
2、useofDisney’sstatureastheworld’smosticonicentertainmentbrand,thecompanyhadaparticularlybroadinvestorbase⎯over991,000commonshareholdersinfiscalyear2006comparedwith51,400forTime1Warner.Staggshadtodevelopandimplementacommunicationstrategythatwasappropriateforthediversityofthisinvestorbase,whichincl
3、udedindividual,institutional,brokeragehouse,andmutualfundinvestors.Indoingso,hehadtobemindfulofthefactthattheseconstituenciesoftenhaddifferenttimehorizonsandinvestmentperspectives.Inaddition,Staggshadtobearinmindseveralotherfactors.First,hehadtoconsiderthatanymessagedeliveredwasperceivedbyinvest
4、orsasadirectreflectionofmanagement’scapabilityandcredibility.Second,hehadtoconsiderhowthecompany’sstatedobjectivesinfluencedthebehaviorofitsemployees.Third,hehadtodecidehowtoimplementthecommunicationstrategyacrossawidearrayofchannels,keepinginmindthepurposeoftheforum,regulatoryrequirements,andin
5、vestorexpectations.1TheWaltDisneyCompany,2006form10-KfiledwiththeSecuritiesandExchangeCommission,November22,2006;TimeWarnerInc.,2006form10-KfiledwiththeSEC,February23,2007.ProfessorMaureenMcNicholsandBrianTayanpreparedthiscaseasthebasisforclassdiscussionratherthantoillustrateeithereffectiveorine
6、ffectivehandlingofanadministrativesituation.Copyright©2007bytheBoardofTrusteesoftheLelandStanfordJuniorUniversity.Allrightsreserved.Toordercopiesorrequestpermissiontoreproducematerials,e-mailtheCaseWritingOfficeat:cwo@gsb.stanford.eduorwrite:CaseWritingOffice,StanfordGraduateSchoolofBusiness,518
7、MemorialWay,StanfordUniversity,Stanford,CA94305-5015.Nopartofthispublicationmaybereproduced,storedinaretrievalsystem,usedinaspreadsheet,ortransmittedinanyformorbyanymeans––electronic,mechanical,photocopying,recording,orother
