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International: Disney CEO to step down

11-September-2004
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International: Disney CEO to step down

Walt Disney chief executive officer Michal Eisner said he planned to resign in 2006 after two decades in the media giant.

He said this in an interview published today by The Wall Street Journal.

Eisner, 62, said his decision had nothing to do with Disney’s crises. It was “not asked for, not motivated by current circumstances at all,” he said.

The group was forced to fight off a hostile bid by US cable group Comcast in April, while Eisner finally won support from the Disney board in May after an unprecedented 43 per cent of shareholders voted to oust him in early March.

Eisner told The Wall Street Journal that the decision, which coincided with his 20th anniversary at Disney, satisfied both his personal and professional interests.

“I want to position the company for the future,” he told the newspaper. “I want to ensure that the company continues its strong cultural direction and fiscal direction. I have great affection for the company.”

He said that with Disney currently on the upswing, it seemed to him that “this was the time to give the board two years notice, so that there will be a comfortable period of succession.”

Eisner said that he discussed the matter with individual board members during the past two weeks.

Source: The Wall Street Journal

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