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The Disneyland Report > Disney News > Iger is board's Disney guy Disney NewsIger is board's Disney guyBy Marla Matzer Rose Although he may face strong competition from rivals outside the company, Walt Disney Co. president and chief operating officer Robert Iger was assured by Disney's board of directors Tuesday that he is the only in-house candidate being considered to replace Michael Eisner as CEO. The Disney board offered a general outline of how it intends to proceed with selecting a successor for Eisner by June. The announcement came a little more than a week after Eisner made it known that he will resign Sept. 30, 2006, when his contract ends. "We believe that Bob Iger is the only internal candidate. ... We do not anticipate any other internal candidates being considered," board chairman George Mitchell said in response to reporters' questions following the release of a board statement Tuesday afternoon. Mitchell also announced that, pursuant to Disney's mandatory retirement age of 72 for directors, he will not stand for re-election to the board at the shareholders meeting in early 2006, following next year's meeting. Capping two days of meetings at company headquarters in Burbank, the Disney board issued its statement just before 2 p.m. In addition to some basic information about how it plans to proceed in searching for a new CEO, the board "reaffirmed its strong support" for Eisner and unveiled a "redesigned" management incentive bonus program for senior executives aimed at tying pay to performance in a more formal way than had been spelled out in the past. The board said it expects to announce a new CEO by June. Asked whether it could happen sooner, Mitchell said that while it is possible, "we've concluded this is the amount of time that is most likely needed." Mitchell added that though the board did not explicitly make a decision
about keeping the roles of CEO and chairman separate in the future,
the expectation for now is that the two posts will remain separated.
Eisner relinquished the chairman title in the face of shareholder criticism
and a more than 40% withhold vote by shareholders for his re-election
to the Disney board in March. Return to Disney News. |
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