News: Eisner to step down in 2006

Posted at 4:54 PM EDT (2054 GMT)

Sep. 10th, 2004 -- Michael Eisner has seen his shares of ups and downs as the head of the Walt Disney Company.  He led the company through some of the greatest increases in profit the company had ever seen.  He cut the ribbon on seven new Disney parks.  He also watched shares of Disney stock plummet in recent years.  He fought off a hostile takeover from Comcast and an attempted ousting by the son of one of the company's founders.

Eisner announced his intention to retire in a letter to the Disney Company's board of directors.  He plans to stay on til 2006 in order to help pick his successor.

Some shareholders of the company don't think the time frame Eisner has set is soon enough.  The company's shares have fallen 2 percent so far this year and don't look to rebound quickly.  Though happy that Eisner has decided to step down, many would have liked to see it happen quicker.

Eisner has said previously that his choice as a successor would be Disney President and Chief Operating Officer Robert Iger. 

Read more at Bloomberg.