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Walt Disney Co.'s Michael Eisner will step down as chief executive officer of the second-biggest U.S. media company when his contract expires in September 2006.

``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 all of you have demonstrated,'' Eisner, 62, wrote in a letter to the board of the Burbank, California-based company. The letter was received by e-mail from Disney's London-based spokeswoman Joyce Lorigan.

Former Disney directors Roy Disney and Stanley Gold resigned from the board in November to wage a campaign against Eisner, resulting in his failure to get 45 percent of shares voted for his re-election to the board in March. Eisner shed the title of chairman, turning it over to Disney director and former U.S. Senator George Mitchell. Comcast Corp. withdrew a $54.1 billion unsolicited bid for Disney in April.

``It's good news, Disney without Eisner is much better than Disney with Eisner. But what is disappointing is that he's not going for another two years,'' said Antony Gifford, who helps manage about $2 billion of U.S. stocks at Henderson Global Investors in London. ``We believe that Disney has some attractive assets that are worth more than the share price suggests. But Eisner wasn't the man to unlock that value.''

Gifford owns Disney shares.

neat. i wonder how many treasured theme park rides can be shut down in two years. i guess it's good that there's a finish line in sight, but he shoulda been gone in 1996, not 2006. oh well!

Hear that, people?

Only two more years to blame him for everything!

So start getting your lists together NOW.

Hey! Amazon took a week to ship me my Disney DVD! Oust Eisner!!

Sometimes it's better the devil you know...

It's odd, at the time of the ComCast bid, most people were supporting Roberts over Eisner. But has anyone actually looked into ComCast's (alleged) business practices... Mass redundencies, buying companies and rehiring the staff at less than 1/2 their previous wage, bullying union members, refusing to acknowledge new unions, ignoring health and safety recommendations...

Remember Iger (or somebody else when the time comes) could be much worse!

The express subways weren't running on Tuesday! "The rain"? Yeah, right. Eisner!

"My shoes smell bad! Stinkin' Eisner"

Terrorism! Global warming! Those AT&T Carrot Top commercials! Ha! We're on to your sneaky ways, Eisner!

Actually Eisner is responsible for Global Warming. Its the sunlight reflecting off his bald head.

Oops I see netty has posted the news to off-topic. Luke, I would suggest moving that thread to General Discussion(I am not quite sure why it would be off topic, seems about as on topic as you can get around here) and please delete my thread.

Whoop dee freakin' doo. He'll leave when his contract expires. Meaning also that he still has two more years to exploit the Disney legacy. And his little heir Bob Iger is growing up to be just like daddy, as well.

This is news how? e_e

check out that shine!

<img src="http://www.mouseplanet.com/mp/sep24b.jpg" width="200" height="182">

I think it is a big deal Paka. There was no succession plan up to six months ago so changing CEOs quickly might do more damage than Eisner staying. Clearly his shelf life has expired though. I thank his for his good work in his first decade and wonder where he lost his way.

As for a successor, the investment community seems less than thrilled with Iger as a choice, I certainly hope and pray it won't be Pressler. I guess I throw my 500 shares behind Steve Jobs. Perhaps Aaron could do a CEO Survivor?

I don't think it will be Iger. I don't know much about him or ABC, but he seems to be getting a kicking for an underperforming ABC. But a lot can happen between now and 2006. ABC could be reborn like a phoenix, or somebody else could be chosen for the role.

Seriously, I don't think Eisner has done that badly, but like JJJ says, he's become tired and off-focus in his later years. You may not like all of Disney's recent decisions, but you like some of them.

One of the news reports is saying Disney has had a terrible year as stock is down 2%. I'm sorry, but with all the negative publicity being done by Roy and SaveDisney over the past year or so, a 2% should be commended. People don't want to invest in a company where the board are involved in childish squabbles. When you actually look at the figures quarter by quarter Disney's done well or excellent recently. For example, even though motion pictures didn't do so well in America this year, they banked over $1bn overseas, the first company to do so - ever.

Nobody knows if a sucessor will be better than Eisner or worse then Eisner. But I know one thing. If the successor is a copy of Roy, you can say goodbye to Disney as a viable, independent company in a decade or less. Good intentions do not serve a massive business with a global reach.

Oh and a quick addition: According to my Google News alerts, shares in Disney are going down now Eisner has revealed his retirement date.

Yes, Eisner is going to step down in 2006 this is great news.
Let's see my blame game "Friends was canceled because of Eisner!!!!
Walt Disney World closed because of Eisner dumb big bald head.

I really dont understand your obssesion with Eisner. We may disagree with him, but he's just another executive pressured by the company's shareholders to produce results. I'm sure he is trying his best and that he's commited to the company. This romantic notion of you guys looking for a "Disney" to rule the company is laughable. Everything in life is now based on money oriented decisions, even in more in a business like Disney is. I'd love to see some of you geniuses dealing with that kind of pressure. Some of you need to get a life !!!

Yeah, well... when the oil crash comes, and our gluttonous civilization crumbles into ruin, none of this corporate nonsense will matter anyway.

I know... ever the optimist... LOL

Paka wrote:Yeah, well... when the oil crash comes, and our gluttonous civilization crumbles into ruin, none of this corporate nonsense will matter anyway.

But will our DVDs still have inserts?

I guess in all fariness to him as a person he did the best he could. Granted yes we all think he could have done better but he'll be gone soon. Hopefully there is still hope while he is still around.

Now on a side note just for fun to play the blame game; Florida has 2 hurricanes going on three Its Eisners fault (u guys are right this does ligthen the mood)