LOS ANGELES, Sept 20 (Reuters) - Walt Disney Co. (DIS.N: Quote, Profile, Research) Chief Executive Michael Eisner said he expects to leave the board when he steps down as CEO in 2006, ending speculation that he would switch roles and become chairman of the company.
"I have not asked the board to stay on the board or be chairman after the end of my contract. My assumption is that I would not continue on the board or as chairman," Eisner said in an interview with Fortune magazine released on Monday.
The prospect of Eisner becoming chairman recently spurred a new backlash by critics. Eisner on Sept. 10 said he would step down as CEO when his contract expires in September 2006, but he did not comment on his board role at the time.
Dissidents Stanley Gold and Roy Disney have threatened to run their own slate of directors at the spring 2005 annual meeting if Eisner does not step down as CEO next year.
Eisner, who was stripped of his job as chairman in March after a shareholder protest vote, said he had no intention of stepping down as CEO before his contract ended, however.
"There's no chance of it in my mind today because I've committed to see through to 2006 the orderly process of transition and strategic planning. I just don't see that on the horizon," he said.
UCLA Anderson School of Management professor David Lewin said he believed Eisner was making the "opening salvo" of negotiations with the board to leave early. Gold and Disney have argued that many candidates would avoid the Disney job if Eisner was going to stay around, a view Lewin agreed with.
"I would bet against the notion that Eisner is actually going to stay as CEO through 2006," he said. Lewin said talks would probably boil down to money, although he said Eisner, who is wealthy after 20 years leading the company, would not have a compelling reason to stay once his successor was named.
The Disney board is meeting on Monday, and Gold and Disney have challenged directors to hire an independent consultant and force out Eisner at the conclusion of the search for a successor by the spring 2005 annual meeting.
Gold and Disney were not immediately available for comment.
Eisner in the Fortune interview reiterated his support for President and Chief Operating Officer Bob Iger as the next CEO.
But he declined to speculate on whether his exit would smooth the way for a new distribution deal with Pixar Animation Studios Inc. (PIXR.O: Quote, Profile, Research) . Earlier this year, the studio that created "Finding Nemo" called off talks on extending the current Disney contract beyond 2005 but has not shown signs of serious talks with rival studios.
Eisner said he planned to keep working when he retired from the top job at Disney.
"I have a full business life ahead of me. Clearly I'm not the type to retire, particularly after all these lectures from medical experts about how an active mind is good for the body. But as far as continuing on the board or as chairman, it's just not in my mind at this time," Fortune quoted him as saying.
A Disney spokesman confirmed the quotations.
Shares of Disney fell 38 cents, or 1.6 percent, to $23.04 in late afternoon trade on the New York Stock Exchange.
"I have not asked the board to stay on the board or be chairman after the end of my contract. My assumption is that I would not continue on the board or as chairman," Eisner said in an interview with Fortune magazine released on Monday.
The prospect of Eisner becoming chairman recently spurred a new backlash by critics. Eisner on Sept. 10 said he would step down as CEO when his contract expires in September 2006, but he did not comment on his board role at the time.
Dissidents Stanley Gold and Roy Disney have threatened to run their own slate of directors at the spring 2005 annual meeting if Eisner does not step down as CEO next year.
Eisner, who was stripped of his job as chairman in March after a shareholder protest vote, said he had no intention of stepping down as CEO before his contract ended, however.
"There's no chance of it in my mind today because I've committed to see through to 2006 the orderly process of transition and strategic planning. I just don't see that on the horizon," he said.
UCLA Anderson School of Management professor David Lewin said he believed Eisner was making the "opening salvo" of negotiations with the board to leave early. Gold and Disney have argued that many candidates would avoid the Disney job if Eisner was going to stay around, a view Lewin agreed with.
"I would bet against the notion that Eisner is actually going to stay as CEO through 2006," he said. Lewin said talks would probably boil down to money, although he said Eisner, who is wealthy after 20 years leading the company, would not have a compelling reason to stay once his successor was named.
The Disney board is meeting on Monday, and Gold and Disney have challenged directors to hire an independent consultant and force out Eisner at the conclusion of the search for a successor by the spring 2005 annual meeting.
Gold and Disney were not immediately available for comment.
Eisner in the Fortune interview reiterated his support for President and Chief Operating Officer Bob Iger as the next CEO.
But he declined to speculate on whether his exit would smooth the way for a new distribution deal with Pixar Animation Studios Inc. (PIXR.O: Quote, Profile, Research) . Earlier this year, the studio that created "Finding Nemo" called off talks on extending the current Disney contract beyond 2005 but has not shown signs of serious talks with rival studios.
Eisner said he planned to keep working when he retired from the top job at Disney.
"I have a full business life ahead of me. Clearly I'm not the type to retire, particularly after all these lectures from medical experts about how an active mind is good for the body. But as far as continuing on the board or as chairman, it's just not in my mind at this time," Fortune quoted him as saying.
A Disney spokesman confirmed the quotations.
Shares of Disney fell 38 cents, or 1.6 percent, to $23.04 in late afternoon trade on the New York Stock Exchange.