Hail Hail at last its said, The wicked old witch (CEO) at last is dead! (well not really dead but his career at Disney is!) Read on....
NEW YORK - Walt Disney Co.'s chief executive Michael Eisner will leave the giant entertainment company in 2006 when his contract expires, a newspaper reported Friday.
Eisner's departure was expected to be announced Friday, according to a report in The Wall Street Journal's Friday editions. The decision would end a two-decade relationship with the media giant.
Given the company's resurgence after its stock price wallowed, 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 told the newspaper.
The newspaper also reported that it wasn't known whether Eisner would have been offered a new contract by the Disney board.
Over the past year, Eisner's leadership abilities have been questioned by former Disney board members Roy E. Disney and Stanley Gold, who have led a campaign against Disney through their Web site, SaveDisney.com. The former board members said Eisner was responsible for turning the company in the wrong direction.
Eisner also has lost confidence among investors, namely leaders of state pension funds in six states that have urged Disney to become more independent and be more aggressive in finding a successor for Eisner.
While the pension funds together represent less than 2 percent of Disney's outstanding shares, they wield tremendous influence over corporate boards and led an effort that resulted in Disney shareholders withholding 45 percent of votes cast for the re-election of Eisner to the board at a March 3 annual shareholders meeting.
Disney then separated the duties of chairman and chief executive officer, a key demand of the pension funds.
Eisner recently told Walt Disney directors that company president Robert Iger would be a good successor, the Los Angeles Times reported. Iger, whose contract expires in September 2005, has recently met with investors and executives and told the Times he would like the top job.
Calls left for Disney were not immediately returned early Friday.
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 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. It closed Thursday at $22.86 on the New York Stock Exchange.
NEW YORK - Walt Disney Co.'s chief executive Michael Eisner will leave the giant entertainment company in 2006 when his contract expires, a newspaper reported Friday.
Eisner's departure was expected to be announced Friday, according to a report in The Wall Street Journal's Friday editions. The decision would end a two-decade relationship with the media giant.
Given the company's resurgence after its stock price wallowed, 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 told the newspaper.
The newspaper also reported that it wasn't known whether Eisner would have been offered a new contract by the Disney board.
Over the past year, Eisner's leadership abilities have been questioned by former Disney board members Roy E. Disney and Stanley Gold, who have led a campaign against Disney through their Web site, SaveDisney.com. The former board members said Eisner was responsible for turning the company in the wrong direction.
Eisner also has lost confidence among investors, namely leaders of state pension funds in six states that have urged Disney to become more independent and be more aggressive in finding a successor for Eisner.
While the pension funds together represent less than 2 percent of Disney's outstanding shares, they wield tremendous influence over corporate boards and led an effort that resulted in Disney shareholders withholding 45 percent of votes cast for the re-election of Eisner to the board at a March 3 annual shareholders meeting.
Disney then separated the duties of chairman and chief executive officer, a key demand of the pension funds.
Eisner recently told Walt Disney directors that company president Robert Iger would be a good successor, the Los Angeles Times reported. Iger, whose contract expires in September 2005, has recently met with investors and executives and told the Times he would like the top job.
Calls left for Disney were not immediately returned early Friday.
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 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. It closed Thursday at $22.86 on the New York Stock Exchange.
