Resigns From Disney Board

[Disney Addiction]

BURBANK, Calif. (AP) -- Michael Eisner, who stepped down last week as chief executive of The Walt Disney Co., has resigned his seat on the company's board of directors, Disney said Thursday.
Eisner and the company have severed all ties in a surprise move that means he will not serve as a consultant as he had been entitled to do under his employment agreement.

Eisner "no longer provides any services" for Disney, the company said in a filing with the Securities and Exchange Commission.

Eisner resigned from the board on Sept. 30, his last day as CEO, according to the filing. Disney's former president and chief operating officer, Robert Iger, succeeded Eisner the next day.

Eisner, who led the media and theme park company for 21 years, had been expected to remain on the board until next spring when Disney elected a new board.

Disney declined to comment beyond the filing, spokesman David Caouette said.

At one time, Eisner had hoped to continue a relationship with Disney, perhaps even as board chairman. But since Iger was named last March to succeed him, Eisner has stepped aside and allowed Iger to run the company, even watching as Iger ended two-year feud with dissident ex-director Roy E. Disney, who had pushed for Eisner's removal.

In its filing, the company also revealed details about Iger's contract.

The new Disney boss has signed a five-year contract and will retain his position as the company's president. He will receive a salary of $2 million a year, the same salary he received last year as president and COO.

Iger will also receive bonuses and other incentives tied directly to the company's performance.

Iger's annual bonus target will be a minimum of $7.25 million. He will receive a long-term incentive bonus of company stock with a target value of $8 million per year, also tied to performance.

The bonus and long-term incentive could be raised and could also be cut to zero, depending on performance, his contract states.

Iger also receives a one-time bonus of 500,000 shares that will vest over five years if the company's stock performs at least as well as the S&P 500 Index over the same period.

[TwinPrincesses]

This is good, right?

[CathrynRose]

This is good, right?

I dont think it's really either - I think it's more of a suprise, more then anything.

Kinda rude of Mike, if you ask me, though.....

[lindique]

I wonder what happens to the One Man's Dream movie at the Studios, currently narrated by Michael Eisner? Or is it?

[WEDTOPIA]

This is very good. Eisner will not have any say in the company ,which is how it should be. Iger doesn't have to deal with him in any way ,shape , or form.

[Tekneek]

I wonder if it means he will soon be popping up somewhere else. He had been saying for years that he could not imagine being anywhere else. I would expect someone who is thinking that way to stay connected to the company in some form. Maybe it was expressed to him that it might be best for the company if he just moved on completely.

I know he became a target of many, and even me, but if he really loved the company half as much as he said he did...it would be very hard to just totally walk away.

[Chip Carlton]

Forgive my ignorance of not keeping up with Disney news, but where does Roy stand now? I knew something happeneed with the SaveDisney.com campaign website. Can anybody keep me in formed? Who will now be CEO?

[master_gracey]

Hey Mike,

Don't let the swinging doors of the Golden Horseshoe hit you on the way out!

[TracyL]

For those who are not fully familiar with all the hoo-rah surrounding Mr. Eisner and the last few tumultuous years, might I recommend you take a look at the book, DisneyWar, by James R. Stewart. I confess I'm only about a quarter of the way through so far, but it is a heck of a page-turner, and it gives, I think, a pretty balanced report about what went on. Be warned that Stewart takes no prisoners -- by the time you're done with it, you may dislike all the players equally. But he had an unusual advantage of being the fly on the wall so many of us wished we could have been while all this stuff was going down.

I would recommend the book regardless of this fact, but as it happens, two INTERCOTees, WDWacky and myself, are quoted in the chapter concerning the shareholder meeting in Philadelphia.

We do sign autographs on request.