LOS ANGELES -- Michael Eisner, the longtime CEO of The Walt Disney Co., will step down a year earlier than expected, handing over the reins to Robert Iger and ending a tumultuous stint atop the entertainment giant.
Disney shares edged up 9 cents to $27.68 in morning trading today in a muted response to Sunday's announcement. Its shares have trdaed in a range of $20.88 and $29.99 over the past 52 weeks.
Iger, 54, the firm's current president and chief operating officer, was named to succeed Eisner as chief executive. He will assume his new role Oct. 1. and will co-lead the company with Eisner during the transition, Disney's board said.
Iger inherits the company as it continues an earnings recovery and will become only the sixth leader of Disney in its history.
Iger is seen as less polarizing that Eisner, a trait that might give Disney another chance to cut a new deal with longtime partner Pixar Animation Studios, the makers of such hits as this year's Oscar-winning "The Incredibles."
"I think probably Bob has better success doing something that could benefit the Disney shareholders," Haverty said.
Pixar CEO Steve Jobs has said he would wait before talking to other studios about distributing his films until after Disney choose Eisner's successor. Pixar has one more film to deliver under its current Disney deal.
archive