BURBANK, Calif., March, 13, 2005 - The Walt Disney Company (NYSE:
DIS) Board of Directors announced today that Robert A. Iger has been
unanimously elected Chief Executive Officer effective September 30,
2005. He will succeed Michael D. Eisner, current CEO, who announced
his intention to retire in a letter to the Board last year dated September
9, and will step down as CEO on September 30, 2005.
"After a lengthy, thorough and professional selection process,
comparing both internal and external candidates against our criteria
for CEO, I am pleased to announce the decision of the Walt Disney Board
of Directors to select Robert Iger as the company's next chief executive
officer," said Sen. George J. Mitchell, chairman of The Walt Disney
Company Board of Directors. "Bob is an experienced, talented and
visionary leader who has made crucial and substantial contributions
toward Disney's strong performance. On behalf of the entire Board, I
want to express how excited we are at the prospect of Bob leading this
extraordinary company and talented management team to new levels of
financial and creative success in the years ahead."
"It is truly an honor to be entrusted with the responsibility
of guiding this great company that occupies such an important place
in the hearts and minds of millions the world over toward a very bright
future," said Iger. "It's also an honor to work with our incredibly
talented and dedicated worldwide team. I feel all the more privileged
to succeed Michael, whose tremendous 20-year leadership and enormous
accomplishments have built this company into the world's preeminent
leader in family entertainment."
"It is with a considerable amount of satisfaction and even pride
that I approach the end of my term as CEO of this company," said
Michael D. Eisner, former chairman and chief executive officer of The
Walt Disney Company. "By every financial and creative measure,
Disney is performing at its peak. I have enjoyed virtually every moment
of my tenure and want to express my appreciation to the phenomenal colleagues
with whom I have been privileged to work. I believe Disney is now poised
for its brightest days in the years ahead under the able and insightful
leadership of Bob, who has not only the qualities to succeed, but also
has a keen sense of the Disney brand and how to maintain its leadership
position and grow it on a worldwide scale."
The election of Mr. Iger culminates a lengthy and detailed CEO selection
process that started formally when the Disney Board announced on September
21, 2004 that it would, "engage in a thorough, careful, and reasoned
process to select as the next CEO the best person for the company, its
shareholders, employees, customers, and for the many millions of others
who care so much about The Walt Disney Company. The Board is keenly
aware of the special place our company holds in the hearts of people
all over the world and the importance of its responsibility in choosing
a CEO." The Board also made known that day its intention to "complete
the process and announce a successor as soon as possible, with an expected
date of completion of June 2005."
Directors selected the executive search firm of Heidrick & Struggles
in October 2004 in order to assist with the CEO selection process.
"The search and the process for considering potential candidates
was thorough and exhaustive and met the most rigorous standards,"
said Gerard Roche, senior chairman, Heidrick & Struggles.
More Robert Iger promotion coverage from The Disneyland Report:
