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File picture of Robert Iger, president of the Walt
Disney Company. Iger was named by the company's directors to succeed CEO Michael Eisner, who last year
announced his decision to retire(AFP/File/Tim
Sloan) |
The Walt Disney Co. said Sunday its president,
Robert Iger, will succeed Michael Eisner as chief executive and that
Eisner will leave his post one year earlier than previously announced.
The company said Iger was unanimously elected by
the board at a meeting Saturday and will take charge Oct. 1, which is the
start of Disney's 2006 fiscal
year
. Eisner will step down the day before, although he will remain
on the board for another year. Disney will pay him through Sept. 30, 2006,
when his contract expires.
Eisner will end his tenure at the media and theme park company after
serving 21 years. Iger will become only the sixth leader of Disney in its
history.
The announcement came under immediate fire from two prominent
shareholders who questioned the integrity of the process, noting Iger's
insider status and close ties to Eisner.
But Disney board chairman George Mitchell said Iger's choice came after
a "lengthy, thorough and professional selection process" that included
serious consideration of outside candidates. He declined to be more
specific, but an eBay Inc. spokesman confirmed Sunday that eBay CEO Meg
Whitman had withdrawn her application for the job Friday after being
interviewed.
"We believe Bob Iger represents the right blend of
continuity , of very
successful performance … and a recognition of needed change" in the areas
of new technology and expanding the company's business in Asia, Mitchell
said during a conference call with reporters.
"This is not a huge surprise," said Paul Kim, an analyst for New
York-based Traditional Asiel Securities. He said Disney has done a good
job of cutting costs and increasing profits over the past 18 months, and
Iger's challenge will be to continue that momentum.
During Sunday's conference call, Mitchell strongly denied charges made
by former board members Roy E. Disney and Stanley Gold that Eisner
inappropriately participated in candidate interviews. The two also alleged
that some external candidates declined to be interviewed because of Eisner's role.
(China Daily) | 
Updated: 2005-03-14 16:14