Disney's Eisner names exit day
MICHAEL Eisner, who has made more than $1bn (£560m) from running Walt Disney for two decades, is to stand down as chief executive when his contract ends in September 2006.
In a letter to the board he said: 'I know it has been a very challenging time for the board members during this period and I am most grateful for all of the time and effort, consideration and support, and concern for the company that you all have demonstrated.'
Eisner, 62, listed his achievements since he joined Disney in 1984. He said sales had grown from $1.7bn to $30bn under his leadership as the group added seven theme parks, 28,458 hotel rooms and 70 cable channels, and made 800 movies.
The move follows a tumultuous few months for Disney with Eisner facing down a $54bn takeover approach from cable firm Comcast and a shareholder revolt.
Eisner today denied he was stepping down because of pressure from Roy Disney, the 74-year-old nephew of company founder Walt, who has run a campaign to oust him. Although Eisner survived, he was forced to relinquish his dual role as company chairman.
The hunt is on for a successor but Eisner would prefer company president Robert Iger to succeed him.
Eisner signed off his letter today with the catchphrase created by his wife, Jane: 'I can only conclude by telling you what I am doing next. I'm going to Disneyland.'
