Chapter 266 — Disney's Tragedy
During Easter of 1994, Frank Wells, president of The Walt Disney Company, died in a helicopter crash while on a skiing trip in Nevada.
Wells had traveled there with his friend, Clint Eastwood. However, Eastwood had left the ski resort about an hour before the crash—an eerie twist of fate.
By the next morning, news of Wells' death had already made front-page headlines in the Los Angeles Times.
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Disney's chairman and CEO, Michael Eisner, issued a public statement:
"When I received the news of Frank's passing, no words could describe my shock and grief."
"At the time, I was at a club with my wife Jane and my son. After finishing our activities, just as we were about to have dinner, my secretary called and informed me that Frank Wells had died in an accident."
"Frank had gone skiing in a remote area of Nevada over Easter. On the way back, the helicopter he was on crashed."
"He was killed. Of all those on board, only one passenger survived. Thankfully, although his sons, his climbing partner Dick Bass, and an actor were traveling with him, they were on a different aircraft."
"As far as I know, Frank embodied the very essence of life—his intelligence, his charisma, his passion for experience and challenge, and his remarkable breadth of knowledge made him truly exceptional. The world has lost a great figure in entertainment."
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Frank Wells' death was undoubtedly a devastating blow to Disney.
Many of the company's achievements in recent years had his influence behind them. Within Disney, he was widely respected—employees were far more comfortable working with him than with Eisner, who was known for being difficult.
In many ways, Wells had acted as a mediator and stabilizing force, smoothing over tensions between Eisner and the rest of the organization.
Now, with his sudden passing, a major question emerged:
Who would take over his role?
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The most obvious candidate was Jeffrey Katzenberg.
The previous year, Eisner, Wells, and Katzenberg had reached an understanding: if the position ever became vacant, Katzenberg would step in.
At the time, this had been a verbal promise made to retain Katzenberg within Disney.
Of course, Katzenberg had never wished for such a tragedy to occur—but now that it had, he couldn't help but look toward the moment when Eisner would fulfill that promise.
At Disney headquarters in Burbank, Jeffrey Katzenberg arrived early in the morning.
Sitting in his office, he stared intently at the phone on his desk, waiting for the call he believed would come—the call from Michael Eisner announcing his appointment.
With Frank Wells' sudden passing, a vast number of responsibilities had been left unattended. Someone needed to step in immediately.
Katzenberg waited anxiously. Every time the phone rang, he thought—it must be Eisner.
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As time passed, employees gradually arrived at the studio.
They expressed their grief… and quietly probed whether Katzenberg's position would change.
While comforting staff and urging them to stay focused on their work, Katzenberg finally couldn't wait any longer. He picked up the phone and called Eisner's office.
The call was answered by Eisner's secretary.
"Mr. Katzenberg, Mr. Eisner is currently in a board conference call."
"The board is discussing Frank Wells' successor… and is considering having Mr. Eisner serve concurrently as Chairman, CEO, and President."
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The news hit Katzenberg like a shock.
As the company's third-in-command—just below Eisner and Wells—he had received no prior indication whatsoever about such a critical decision.
Suppressing his emotions, he forced himself to focus on work.
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Finally, at 11:30 a.m., Eisner called.
Katzenberg, full of expectation, believed this would be the moment they discussed succession.
Instead, Eisner merely mentioned that he would still attend the regular Monday employee luncheon.
Not a single word… about Katzenberg's future.
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Eisner's decision to take on the presidency himself served two purposes:
To reassure Wall Street during a moment of instability
To send a clear, unmistakable message to Katzenberg
The presidency of Disney was not his.
After the board call ended, Eisner went straight into Wells' office—personally taking over all of his responsibilities.
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That evening, The Walt Disney Company released an official announcement:
Michael Eisner would assume the role of President in addition to Chairman and CEO.
From internal deliberations to public disclosure, Katzenberg had been completely excluded.
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Outwardly, Katzenberg remained composed.
But inside, the blow was devastating.
The moment he saw the press release, he realized—
The 19-year relationship he had maintained with Eisner…
The effort, loyalty, hopes, and ambitions he had poured into Disney…
All of it had collapsed.
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At Dawnlight headquarters, Aaron leaned back in his chair, reflecting on the news.
"Chairman, CEO, and President—all in one," he said with a faint smile.
"Disney's monarch… Michael Eisner really is something."
Beside him, Christina Ricci poured him a glass of wine.
"Frank Wells' memorial service will be held at Disneyland in Anaheim," she added.
Aaron nodded. "Any updates on Katzenberg?"
"Yes," she replied. "I've heard the two of them had a heated argument inside Disney."
"Most people thought Katzenberg would succeed Wells… but now, it seems he's drifting further and further away from the company."
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Aaron chuckled softly.
"Not that fast. Wells has only just passed—Disney is already in turmoil."
"If Eisner fires Katzenberg now, it would only make things worse."
No matter how much Eisner might dislike him, he wouldn't act immediately.
Not until the storm had passed.
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