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The Disneyland Report > Disney News > Eisner to step down as Disney's chief in two years Disney NewsEisner to step down as Disney's chief in two yearsMichael Eisner will step down as chief executive officer of Walt Disney Co. in 2006 after more than two decades in which he boosted sales almost 18-fold and faced calls for his ousting. Eisner said in a letter to the board of the second-largest US media company that he will retire after helping select a successor. China Daily reported Monday. "We are and should be proud of how we have managed and strengthened the company during difficult times," Eisner said. He praised the company's employees for remaining focused "amid the distractions that have taken huge chunks of time during the past several years." Eisner came under pressure from former Disney director Roy Disney, nephew of founder Walt Disney, who has sought his removal after contending he mismanaged the Burbank, California-based company. Comcast Corp earlier this year made an unsuccessful US$54.1 billion bid for Disney. Eisner in March relinquished the chairman's post to former US Senator George Mitchell after investors withheld 45 per cent of shares voted for his re-election to the board. The California Public Employees' Retirement System (Calpers), the largest US public pension plan with US$166 billion of assets, praised Eisner's decision and called for him to resign from the board as well. It holds 9 million Disney shares. "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," said Sean Harrigan, Calpers' president. Eisner said he didn't step down because of pressure from Roy Disney and Stanley Gold or Comcast's takeover bid. Roy Disney said on Thursday he would press ahead with efforts to oust Eisner because he is doing "an awful job" running the company. Disney and Gold declined to comment on Eisner's announcement, said Terry Fahn, an outside spokesman. "We respect Michael's decision," Disney Chairman Mitchell said on behalf of the board. "With this advanced announcement of Michael's plans, the board will continue to pursue its ongoing deliberative process regarding succession even as Michael continues to lead the company to achieve its goals." To read the rest of the story, click here. Return to Disney News. |
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