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The Disneyland Report > Disney News > Eisner Decides to Leave Disney in Two Years Disney NewsEisner Decides to Leave Disney in Two YearsHe says criticism from investors and former board members was not a factor. Talk about his remaining clout, and a successor, begins.By James Bates and Richard Verrier After a 20-year run marked by triumphs and turbulence, Michael Eisner said Friday that he would leave his position as chief executive of Walt Disney Co. in September 2006, when his contract expires. Eisner's decision followed a year in which he was forced to confront relentless criticisms from investors, former board members and others who accused him of mismanaging the famed Burbank entertainment company and driving down its value. In March, at the company's annual meeting, Eisner suffered a stinging rebuke when shareholders withheld 45% of their votes for his reelection to the board. The erosion of Eisner's reputation stood in sharp contrast to his earlier years at the company's helm, when he earned praise for orchestrating one of the most successful turnarounds in corporate history. Under Eisner, the company grew from $1.7 billion in revenue in 1984 to $30 billion today, boasting such successes as the film "The Lion King," the TV series "Home Improvement" and the ESPN sports empire. In an interview Friday, Eisner, 62, said the criticisms played no role in his decision to set a departure date, which he called "an easy decision." "I decided I was not going to be CEO forever," Eisner said. Industry insiders speculated that Eisner's move may have been preemptive, giving him a chance to announce the departure, without the embarrassment of being pushed to do so by his bosses on the board, who have publicly supported him. A source close to the company said the board was not expected to renew Eisner's contract and had not decided whether to cut him loose even sooner, should a successor be found before 2006. To read the rest of the story, click here.Return to Disney News. |
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