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The Disneyland Report > Disney News > Walt Disney Company CEO Michael Eisner to resign in 2006: CalPERS Issues Statement on Resignation of Disney's Michael Eisner Disney NewsWalt Disney Company CEO Michael Eisner to resign in 2006CalPERS Issues Statement on Resignation of Disney's Michael EisnerCalPERS, which according to its website provides retirement and health benefits to more than 1.4 million public employees, retirees, and their families and more than 2,500 employers, released a statement in response to news that Walt Disney Company CEO Michael Eisner would resign from his post after 2006. Eisner's announcement was called "the right move for shareholders" by Sean Harrigan, president of CalPERS. The text of his statement is as follows: "Eisner's resignation as CEO is the right move for shareowners. We believe he should resign from the board as well. It is not clear to us how a two-year lame duck CEO will benefit shareowners, and his continued presence on the board would prevent the company from the clean break that is needed to restore investor confidence. On behalf of CalPERS, I want to renew our call for the Disney Board to reveal as soon as possible their CEO succession plan. Working with the coalition of public pension funds on Disney issues, we intend to closely monitor further developments and will continue to engage constructively with the Board of Disney on all the issues related to long-term performance." Return to Disney News. |
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