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Eisner Resigns From Disney Board
- Thread starter MouseRight
- Start date
speck76
Well-Known Member
AP
Eisner Resigns From Disney Board
Thursday October 6, 9:47 pm ET
Michael Eisner Resigns From Disney Board After Stepping Down From Chief Executive Position
BURBANK, Calif. (AP) -- Michael Eisner, who stepped down last week as chief executive of The Walt Disney Co., has resigned his seat on the company's board of directors, Disney said Thursday.
Eisner and the company have severed all ties in a surprise move that means he will not serve as a consultant as he had been entitled to do under his employment agreement.
Eisner "no longer provides any services" for Disney, the company said in a filing with the Securities and Exchange Commission.
Eisner resigned from the board on Sept. 30, his last day as CEO, according to the filing. Disney's former president and chief operating officer, Robert Iger, succeeded Eisner the next day.
Eisner, who led the media and theme park company for 21 years, had been expected to remain on the board until next spring when Disney elected a new board.
Disney declined to comment beyond the filing, spokesman David Caouette said.
At one time, Eisner had hoped to continue a relationship with Disney, perhaps even as board chairman. But since Iger was named last March to succeed him, Eisner has stepped aside and allowed Iger to run the company, even watching as Iger ended two-year feud with dissident ex-director Roy E. Disney, who had pushed for Eisner's removal.
In its filing, the company also revealed details about Iger's contract.
The new Disney boss has signed a five-year contract and will retain his position as the company's president. He will receive a salary of $2 million a year, the same salary he received last year as president and COO.
Iger will also receive bonuses and other incentives tied directly to the company's performance.
Iger's annual bonus target will be a minimum of $7.25 million. He will receive a long-term incentive bonus of company stock with a target value of $8 million per year, also tied to performance.
The bonus and long-term incentive could be raised and could also be cut to zero, depending on performance, his contract states.
Iger also receives a one-time bonus of 500,000 shares that will vest over five years if the company's stock performs at least as well as the S&P 500 Index over the same period.
Eisner Resigns From Disney Board
Thursday October 6, 9:47 pm ET
Michael Eisner Resigns From Disney Board After Stepping Down From Chief Executive Position
BURBANK, Calif. (AP) -- Michael Eisner, who stepped down last week as chief executive of The Walt Disney Co., has resigned his seat on the company's board of directors, Disney said Thursday.
Eisner and the company have severed all ties in a surprise move that means he will not serve as a consultant as he had been entitled to do under his employment agreement.
Eisner "no longer provides any services" for Disney, the company said in a filing with the Securities and Exchange Commission.
Eisner resigned from the board on Sept. 30, his last day as CEO, according to the filing. Disney's former president and chief operating officer, Robert Iger, succeeded Eisner the next day.
Eisner, who led the media and theme park company for 21 years, had been expected to remain on the board until next spring when Disney elected a new board.
Disney declined to comment beyond the filing, spokesman David Caouette said.
At one time, Eisner had hoped to continue a relationship with Disney, perhaps even as board chairman. But since Iger was named last March to succeed him, Eisner has stepped aside and allowed Iger to run the company, even watching as Iger ended two-year feud with dissident ex-director Roy E. Disney, who had pushed for Eisner's removal.
In its filing, the company also revealed details about Iger's contract.
The new Disney boss has signed a five-year contract and will retain his position as the company's president. He will receive a salary of $2 million a year, the same salary he received last year as president and COO.
Iger will also receive bonuses and other incentives tied directly to the company's performance.
Iger's annual bonus target will be a minimum of $7.25 million. He will receive a long-term incentive bonus of company stock with a target value of $8 million per year, also tied to performance.
The bonus and long-term incentive could be raised and could also be cut to zero, depending on performance, his contract states.
Iger also receives a one-time bonus of 500,000 shares that will vest over five years if the company's stock performs at least as well as the S&P 500 Index over the same period.
cherrynegra
Well-Known Member
AP
Eisner Cuts All Business Ties With Disney
Friday October 7, 12:56 am ET
Michael Eisner Resigns as Chief Executive, Cuts All Business Ties With Walt Disney Co.
BURBANK, Calif. (AP) -- Michael Eisner has cut all ties with the company he ran for 21 years. The Walt Disney Co. said Thursday in a filing with the Securities and Exchange Commission that Eisner "no longer provides any services" for the entertainment and broadcasting company.
He resigned as the company's chief executive on Sept. 30, but had been expected to keep his seat on Disney's s board of directors until new directors were elected next year.
In a surprise move, he resigned his board seat last Friday and will not serve as a company consultant, as he had been entitled to do under his employment agreement.
In its SEC filing, Disney also revealed details of its contract with Eisner's successor, Robert Iger.
The new Disney boss has signed a five-year contract and will retain his position as the company's president. He will receive a salary of $2 million a year, the same amount he was paid last year as Disney's president and chief operating officer.
Iger will also receive bonuses and other incentives tied directly to the company's performance.
His annual bonus target will be a minimum of $7.25 million. He will receive a long-term incentive bonus of company stock with a target value of $8 million per year, also tied to performance.
The bonus and long-term incentive could be raised or cut to zero, depending on the company's performance.
Iger also receives a one-time bonus of 500,000 shares that will vest over five years if the company's stock performs at least as well as the S&P 500 Index over the same period.
Eisner Cuts All Business Ties With Disney
Friday October 7, 12:56 am ET
Michael Eisner Resigns as Chief Executive, Cuts All Business Ties With Walt Disney Co.
BURBANK, Calif. (AP) -- Michael Eisner has cut all ties with the company he ran for 21 years. The Walt Disney Co. said Thursday in a filing with the Securities and Exchange Commission that Eisner "no longer provides any services" for the entertainment and broadcasting company.
He resigned as the company's chief executive on Sept. 30, but had been expected to keep his seat on Disney's s board of directors until new directors were elected next year.
In a surprise move, he resigned his board seat last Friday and will not serve as a company consultant, as he had been entitled to do under his employment agreement.
In its SEC filing, Disney also revealed details of its contract with Eisner's successor, Robert Iger.
The new Disney boss has signed a five-year contract and will retain his position as the company's president. He will receive a salary of $2 million a year, the same amount he was paid last year as Disney's president and chief operating officer.
Iger will also receive bonuses and other incentives tied directly to the company's performance.
His annual bonus target will be a minimum of $7.25 million. He will receive a long-term incentive bonus of company stock with a target value of $8 million per year, also tied to performance.
The bonus and long-term incentive could be raised or cut to zero, depending on the company's performance.
Iger also receives a one-time bonus of 500,000 shares that will vest over five years if the company's stock performs at least as well as the S&P 500 Index over the same period.