Los Angeles ? Embattled Walt Disney Co. CEO Michael Eisner lost the support Wednesday of the nation’s largest public pension fund, a big Disney investor that called the company’s performance “dismal.”

The California Public Employees’ Retirement System said it would withhold its votes for Eisner’s re-election to the company’s board.

“We have lost complete confidence in Mr. Eisner’s strategic vision and leadership in creating shareholder value in the company,” said Sean Harrigan, president of the CalPERS board of administration.

Its statement came hours after Glass Lewis & Co., a San Francisco-based research firm that advises shareholders, recommended that holders of Disney stock withhold their votes for Eisner.

The two announcements gave strength to efforts by former board members Stanley Gold and Roy E. Disney to oust Eisner