Disney set to replace Eisner by June
Chairman says there has been "no prior determination" in filling spot that many say will go to Iger.
February 1, 2005: 12:59 PM EST
ORLANDO (Reuters) - Walt Disney Co. Chairman George Mitchell said Tuesday that the media and theme park company's board was on track to name a successor to Chief Executive Michael Eisner by June.
Disney's (Research) board stripped Eisner of his chairman title following last year's annual meeting after a strong protest of his stewardship. He has said he plans to leave the CEO post in September 2006 when his contract expires.
"We are committed to announcing our decision no later than this June," Mitchell told analysts at a meeting here. "There has been no prior determination. There are no preconditions."
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Mitchell added that the entire board is engaged in the search.
Many investors increasingly see Bob Iger, Disney's president, as a shoo-in, given the turnaround at the ABC network.
"There is no reason for the board not to give the job to Bob Iger," said Disney shareholder Jack Liebau of Liebau Asset Management. "If Bob Iger were named CEO that would certainly make a gradual transition easier for the company."
That could leave a lengthy transition period if Eisner stayed until the end of his contract.
Asked about a transition plan, Mitchell told Reuters, "We won't know that until we select the person. We will develop a transition plan that will depend in part on who the successor is."
Chairman says there has been "no prior determination" in filling spot that many say will go to Iger.
February 1, 2005: 12:59 PM EST
ORLANDO (Reuters) - Walt Disney Co. Chairman George Mitchell said Tuesday that the media and theme park company's board was on track to name a successor to Chief Executive Michael Eisner by June.
Disney's (Research) board stripped Eisner of his chairman title following last year's annual meeting after a strong protest of his stewardship. He has said he plans to leave the CEO post in September 2006 when his contract expires.
"We are committed to announcing our decision no later than this June," Mitchell told analysts at a meeting here. "There has been no prior determination. There are no preconditions."
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Disney Software for Only $5 Each
All types of Disney educational and game software from Disney Interactive for...
www.5dollarsoftware.com
Disney Vacation - Three Days for $149
Three days/two nights hotel accommodations plus two Disney Park tickets for only...
www.destinationbargains.org
Luxury Holiday Rentals near Disney World
All Star Vacation Homes specializes in rental homes and condos in the Orlando...
www.allstarvacationhomes.com
Mitchell added that the entire board is engaged in the search.
Many investors increasingly see Bob Iger, Disney's president, as a shoo-in, given the turnaround at the ABC network.
"There is no reason for the board not to give the job to Bob Iger," said Disney shareholder Jack Liebau of Liebau Asset Management. "If Bob Iger were named CEO that would certainly make a gradual transition easier for the company."
That could leave a lengthy transition period if Eisner stayed until the end of his contract.
Asked about a transition plan, Mitchell told Reuters, "We won't know that until we select the person. We will develop a transition plan that will depend in part on who the successor is."
