Eisner passes torch to Iger
Disney's new CEO has taken charge, although it won't be official until Oct. 1.
By Richard Verrier | Sentinel Staff Writer
Posted March 24, 2005
Walt Disney Co. Chief Executive Officer Michael Eisner says he has already handed the keys to the Magic Kingdom to his successor, according to an analyst's report released Wednesday.
In a question-and-answer session with investors on Tuesday, Eisner called Robert A. Iger his "boss" and said he would be Iger's "junior partner" until the Disney president officially takes over as CEO on Oct. 1, according to a report by Merrill Lynch analyst Jessica Reif Cohen.
The "transition has already taken place," Cohen quoted Eisner as saying. She described the session as a "passing of the torch of sorts."
Last week, Disney's board tapped Iger, 54, to succeed the 63-year-old Eisner, who is stepping down after 21 years at the helm of the Burbank, Calif.-based entertainment giant.
Eisner's comments this week seemed aimed at dispelling any notion that he is reluctant to give up power, as some of his critics have suggested.
During the same meeting, Iger restated his three-pronged strategy for expanding Disney: building its characters and brands; using new technologies to promote ESPN and other content; and tapping emerging markets, particularly China and India.
While ruling out any major acquisition of a video-game publisher, Iger said Disney would consider purchasing video-game developers.
Iger, a former TV executive who ran ABC, has been Disney's president and chief operating officer since 2000. Disney shares were unchanged Wednesday at $27.78 on the New York Stock Exchange. The stock has risen 11 percent in the past 12 months, compared with a 7 percent gain by the Standard and Poor's 500 Index.
Richard Verrier can be reached at 1-800-528-4637, Ext. 77936, or richard.verrier @latimes.com.
Disney's new CEO has taken charge, although it won't be official until Oct. 1.
By Richard Verrier | Sentinel Staff Writer
Posted March 24, 2005
Walt Disney Co. Chief Executive Officer Michael Eisner says he has already handed the keys to the Magic Kingdom to his successor, according to an analyst's report released Wednesday.
In a question-and-answer session with investors on Tuesday, Eisner called Robert A. Iger his "boss" and said he would be Iger's "junior partner" until the Disney president officially takes over as CEO on Oct. 1, according to a report by Merrill Lynch analyst Jessica Reif Cohen.
The "transition has already taken place," Cohen quoted Eisner as saying. She described the session as a "passing of the torch of sorts."
Last week, Disney's board tapped Iger, 54, to succeed the 63-year-old Eisner, who is stepping down after 21 years at the helm of the Burbank, Calif.-based entertainment giant.
Eisner's comments this week seemed aimed at dispelling any notion that he is reluctant to give up power, as some of his critics have suggested.
During the same meeting, Iger restated his three-pronged strategy for expanding Disney: building its characters and brands; using new technologies to promote ESPN and other content; and tapping emerging markets, particularly China and India.
While ruling out any major acquisition of a video-game publisher, Iger said Disney would consider purchasing video-game developers.
Iger, a former TV executive who ran ABC, has been Disney's president and chief operating officer since 2000. Disney shares were unchanged Wednesday at $27.78 on the New York Stock Exchange. The stock has risen 11 percent in the past 12 months, compared with a 7 percent gain by the Standard and Poor's 500 Index.
Richard Verrier can be reached at 1-800-528-4637, Ext. 77936, or richard.verrier @latimes.com.
