NEW YORK (CNN/Money) - With only two days remaining until Walt Disney Co.'s annual shareholder meeting, two foes of embattled Chairman and CEO Michael Eisner are stepping up their pressure to have him removed from office.

"We urge you to vote today and send an unmistakable message that it is time for a change in the senior management and the Board of The Walt Disney Company," former board members Roy Disney and Stanley Gold said in a letter to investors Monday. "Tell the Board you believe it is time to replace Michael Eisner -- eight years of substandard performance is long enough."

The letter also urges those who have already cast their ballots to change their votes. The meeting will take place Wednesday in Philadelphia.

Disney, the nephew of company founder Walt Disney, and Gold reiterated their concerns in the letter, saying that "the record...over the last eight years speaks for itself."

At issue is what they term as the company's poor capital allocation, loss of strategic focus, damaged relationships such as the broken partnership between Disney and Pixar, and corporate governance deficiencies.

The two have vigorously campaigned to oust Eisner from the company since their joint resignations from the board late last year. Their crusade picked up steam in recent weeks as several state pension funds -- led by CalPERS -- have announced plans to vote against Eisner, and some independent proxy advisers have recommended "against" votes.

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In addition to nixing Eisner, Disney and Gold are also asking shareholders to vote against John Bryson, Judith Estrin and George Mitchell.

The shareholder protest against Eisner is expected to see at least 30 percent of the vote effectively opposing his re-election to the company's board, a person close to the media company told Reuters.  

--from staff and wire reports