Iger to be named CEO by Disney Board according to breaking Wall Street Journal Report

Blair

Blair

New Member
Original Poster
WSJ UPDATE: Disney Board Expected To Name Iger As CEO-Source

Sunday March 13, 3:54 AM EST

(Updates a story sent at 2:07 a.m. by adding second reporter to byline)

By Merissa Marr and Mylene Mangalinden

Of THE WALL STREET JOURNAL

NEW YORK -(Dow Jones)- Walt Disney Co.'s (DIS) board is soon expected to name President Robert Iger as its new chief executive, according to a person familiar with the situation. Mr. Iger would succeed longtime chief Michael Eisner, who has announced plans to step down.

Disney's board met late Saturday to discuss the CEO search. The leading external contender, EBay Inc. (EBAY) Chief Executive Meg Whitman, withdrew her candidacy Friday.

(This story and related background material will be available on The Wall Street Journal Web site, WSJ.com.)

Having been stripped of his chairman title in a shareholder revolt last year, Eisner announced plans to depart as CEO when his contract expires in September 2006. Disney's board had pledged to choose a new CEO by this June, and hired a search firm to look for external candidates.

Eisner put forward Iger, his number two, as his preferred internal candidate some months ago. Iger has been Disney's president since 2000, and was a top executive at Capital Cities/ABC Inc. before it was acquired by Disney in the mid-1990s.

Together with Eisner, he saw Disney through a long earnings slump in the late 1990s and early 2000s. But he gained momentum as a CEO candidate in the past year as Disney's financial performance picked up, especially in the television business with hits like "Desperate Housewives."

The promotion of Iger, 54, could be announced as soon as Sunday.

According to people close to Disney, the board was also due to consider whether to usher Eisner out of the company soon after a new CEO is selected. That would provide some cover for the board with Iger's appointment; critics have said that he would not have true control of the company if Eisner remained in the picture in any way.

Disney's board had hired a search firm to court external candidates for the CEO position as well. But it difficult to lure outsiders, given Eisner's backing for Iger. A number of high-profile CEOs and top media executives were approached but declined to be interviewed, people familiar with the situation said.

However, Whitman, one of the most prominent CEOs in the technology industry, met with the Disney board this week, after being heavily courted by board members and an executive recruiter, according to a person familiar with the matter.

Whitman was told that she was the sole external candidate, according to the person familiar with the situation. Whitman had worked at Disney and loved the brand, and was eventually persuaded by the Disney board to go through the selection process.

Ultimately, Whitman decided to remain at eBay, in part because Disney was taking longer than she had been promised in choosing a CEO, the person said.

One major advantage Iger had is the fact that he knows Disney better than any other candidate. Iger spent 20 years working his way up the ranks at ABC and has worked closely with Eisner for many years.

Married to television journalist Willow Bay, Iger has four children.

-By Merissa Marr and Mylene Mangalinden of the Wall Street Journal, merissa.marr@wsj.com, 323-658-3818; mylene.mangalinden@wsj.com, 415-765-6114
Click to expand...

http://finance.myway.com/jsp/nw/nwdt_ge.jsp?news_id=dji-00028120050313&feed=dji&date=20050313
 
Robfasto

Robfasto

New Member
Thanks for the news, although I was hoping for someone from outside the company to be selected for CEO to get some new blood and a fresh outlook into the company we will just have to see how this works out.
 
D

DarkMeasures

New Member
Eisner: Well it looks like there is no chance of me regaining popularity... I guess I should at least get Roy to shut up..... I got it, Iger, you get to replace me.

Iger: Ok....

Eisner: You will however be serving as my puppet. Because it really seems that you have no interest or care about the company and at least I do. So listen to what I say and do it.

Iger: Ok....
 
askmike1

askmike1

Member
DarkMeasures said:
Eisner: Well it looks like there is no chance of me regaining popularity... I guess I should at least get Roy to shut up..... I got it, Iger, you get to replace me.

Iger: Ok....

Eisner: You will however be serving as my puppet. Because it really seems that you have no interest or care about the company and at least I do. So listen to what I say and do it.

Iger: Ok....
Click to expand...
If I was John Stossel, I'd say "Give me a break!"

Give Bob Iger a chance. Do you know why they picked him...it's because all the other choices were too impatient. The last one that dropped out said Disney was taking too long. Disney said they'd pick one by June. They have 3 months left, but the other person wanted the job imediately. Give Bob Iger a chance. You do not know what he will do.

-Michael
 
askmike1

askmike1

Member
Blair said:
How come I posted a thread at 3:00am and a bunch of other people posted the exact same thread within hours? Doesn't anybody check first? :lol:

6:00am: http://forums.wdwmagic.com/showthread.php?t=52516
12:50pm http://forums.wdwmagic.com/showthread.php?t=52548
10:57: http://forums.wdwmagic.com/showthread.php?t=52532
7:00am: http://forums.wdwmagic.com/showthread.php?t=52519
Click to expand...
You mean looking before you post something? Never heard of it. :) Really though, this should be the most obvious thread (since its actually located in the right spot).
 

Register on WDWMAGIC. This sidebar will go away, and you'll see fewer ads.

Back
Top Bottom