Disney CEO Michael Eisner to retire in 2006 Chris Buell at 9:35 AM ET
The Walt Disney Co. announced Friday that embattled CEO Michael Eisner (Forbes profile) will retire in September 2006, when his contract expires. Although holding the position for 20 years and presiding over large expansions of the company, Eisner faced a battle to remain in his role this spring after losing the confidence of certain shareholders led by Roy Disney, nephew of founder Walt Disney (see this previous report in JURIST's Paper Chase). Under pressure, Eisner was ultimately stripped of his role as chairman, but stayed as CEO (see this Paper Chasereport). Eisner said his decision to retire was not motivated by the recent fallout, and he pointed to Disney President Robert Iger as a possible replacement. View Roy Disney's opposition website SaveDisney.com. Reuters has more.
UPDATE: The text of Eisner's Thursday letter to the Disney Board of Directors announcing his intention to retire in now online.
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