Eisner Out As Disney Chairman

As a result of yesterday’s shareholder vote, the Walt Disney Co. Board of Directors has decided to separate the positions of CEO and Chairman. Michael Eisner will remain CEO of the company, but resigned as Board chairman after the Board made the position a non-executive post and unanimously elected former Sen. George Mitchell to serve.

In a statement released late Wednesday evening, The Disney Board of Directors comments, “While making this change in governance, the Board remains unanimous in its support of the Company’s management team and of Michael Eisner, who will continue to serve as chief executive officer. Following recent detailed reviews of each major business and with an ongoing, in-depth knowledge of our operations, the Board has confidence in the strategic direction of the company. Our belief in the Company’s strategy, financial results over the last several quarters, and the level of earnings and improved returns we expect going forward make us confident that results will validate our judgment on the quality of our management team.”

Following the decision, Comcast reiterated its merger bid in hopes that the Board would reconsider now that it is no longer under Eisner’s rule. The Board again rejected the offer, saying it would not be beneficial to Disney shareholders but adding, “The Board will carefully review and analyze any reasonable proposal.”

Anti-Eisner crusaders Roy E. Disney and Stanley Gold have yet to comment on the latest development, but responded by posting the above cartoon on their website, www.savedisney.com.