by Ray Keating
Commentary
DisneyBizJournal.com
March 4, 2024
(Listen to an audio version of this article here.)
March 4 marks the birth date of Frank Wells who served as Disney president and chief operating officer alongside CEO Michael Eisner from September 1984 until Wells’ untimely death in a helicopter crash in April 1994.
Eisner and Wells working together were often compared to Walt and Roy Disney, as a duo with critical complementary skills. While Walt and Roy built The Walt Disney Company, Eisner and Wells saved the company in the 1980s, and revitalized it in terms of animation, park expansion, and an international reach.
On Wells, D23.com noted: “Excellent with detail-oriented business and finance, Frank also readily delved into both creative and administrative endeavors. At Disney, he focused on all aspects of the company, including theme parks, real estate, finance, administration, and corporate sponsorships. As a key supporter of Disneyland Paris, Frank expanded the Company’s international presence and also promoted development of The Disney Store. He was known throughout the company as a friendly, kind soul who was always approachable and open to ideas.”
In his obituary, The New York Times noted:
Mr. Wells, who was Disney's president and chief operating officer, played a major role in the turnaround of Disney after he was recruited in 1984 along with Michael D. Eisner, the company's chairman and chief executive. Internal turmoil had threatened to break up the company, whose headquarters are in Burbank.
In the last 10 years, Mr. Wells and Mr. Eisner helped to increase annual revenues to $8.5 billion from $1.5 billion. The company's market value leaped to $22 billion from $2 billion, and revenue from theme parks and resorts tripled, the company said.
Mr. Wells and Mr. Eisner re-established Disney's dominance in animated feature films with a series of hits that included "The Little Mermaid," "Beauty and the Beast" and "Aladdin."
The Los Angeles Times reported at the time: “Wells and Eisner were one of the few stable executive teams in Hollywood. Eisner and Wells had a rare working partnership, and industry executives say Wells will be difficult to replace. ‘He behaved in the corporate world with an ethical standard unparalleled in my experience. I have lost a dear friend and my most treasured colleague,’ Eisner said in a statement.”
Wells was named a Disney Legend posthumously, and that designation is well-deserved.
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Ray Keating is the editor, publisher and economist for DisneyBizJournal.com; and author of the Pastor Stephen Grant thrillers and mysteries, the Alliance of Saint Michael novels, and assorted nonfiction books. Have Ray Keating speak your group, business, school, church, or organization. Email him at raykeating@keatingreports.com.
The views expressed here are his own – after all, no one else should be held responsible for this stuff, right?
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