Eisner leaving Disney (in 2006)

[villager]

Eisner ankles Disney
Mouse topper to leave at end of contract in 2006

By ASSOCIATED PRESS

LONDON -- Michael Eisner, who led the Walt Disney Co. to huge success in the 1980s but more recently clashed with dissident stockholders including the founder's family, will leave the company in 2006 when his contract expires, the company said Friday.

In a letter to the Disney board, dated Thursday and released by Disney's London spokeswoman, Joyce Lorigan, Eisner said: ``I plan to retire from my role as Chief Executive Officer of the company upon the conclusion of the term of my employment agreement on Sept. 30, 2006.'' Eisner's departure will end a turbulent two-decade relationship with the media giant.

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Eisner also has lost confidence among investors, notably the leaders of pension funds in six states that have urged Disney to become more independent and more aggressive in finding a successor for Eisner.

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Eisner was named Disney's CEO in 1984 and helped rebuild the company by reviving Disney's storied animation unit, expanded its theme parks and created a strong lineup of TV properties including ABC, ESPN and the Disney ChannelDisney Channel. Eisner has helped move the company from a capitalization of $2.8 billion to $58.4 billion in the last 20 years.

But Disney has faltered in recent years as the performance of its animated films, ABC broadcast network and theme parks declined. Disney's stock traded as high as $28 in February during what turned out to be a failed takeover bid by Comcast Corp., the nation's largest cable TV company. In morning trading Friday, Disney shares were up 9 cents at $22.95 on the New York Stock Exchange.

more at www.variety.com (subscription site). No, no mention in this article of the recent "911" brouhaha...

[tigereye]

1. good

I think he is gross and scary!

[Moderator]

2. Duplicate

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=815998