Historic World Events / September / Eisner resigns as Disney CEO
Eisner resigns as Disney CEO

Eisner resigns as Disney CEO

On today in 2005, Michael Eisner resigns because the ceo of the Walt Disney Company. During Eisner’s 21-year tenure with Disney, he helped change it into an entertainment sector giant whose properties incorporated films, theme parks and a cruise line, television networks and sports teams. Eisner also presided over a “golden age” of animation, throughout which Disney developed such blockbuster films as Beauty and the Beast and The Lion King and became a merchandising powerhouse.

Michael Eisner was created on March 7, 1942, in New York. After graduating from Denison University in 1964, he worked his way up through the programming ranks in network television. In 1976, the chairman of the board of Paramount Pictures, Barry Diller, hired Eisner because the company’s president and CEO. During Eisner’s time at Paramount in the late 1970s and early 1980s, the studio made such hit films as Raiders of the Lost Ark, Flashdance, Saturday Night Fever, Grease, Footloose, Ordinary People, Trading Places, Beverly Hills Cop, Terms of Endearment and An Officer and a Gentleman.

In 1984, Eisner joined Disney as chairman and CEO. Under Eisner’s leadership, Disney developed a level of animated films-some which later became blockbuster Broadway productions-and acquired Miramax Films and Capital Cities (which owns ABC, A&ampE, ESPN and The History Channel, amongst other Television networks). In 1993, Disney founded the Anaheim Ducks, a expert ice hockey group.

Amidst all his great results, Eisner became associated with a lawsuit concerning the former Disney movie studio head Jeffrey Katzenberg and a multi-million dollar severance package wanted to Michael Ovitz, who briefly served as Disney president below Eisner. In 2004, Roy Disney, nephew of the company’s founder, resigned his board seat to protest what he reportedly regarded as Eisner’s mismanagement. At enough time, Disney’s stock was down and its own ABC Television network was performing poorly in the ratings. At a March 2004 meeting, 43 percent of the voting shareholders expressed their insufficient self-confidence in Eisner, and a fresh chairman of the board was appointed. Eisner stayed on because the company’s CEO for another year . 5, till formally stepping down on September 30, 2005. His former second-in-command, Robert Iger, succeeded him.

READ  Actor Philip Seymour Hoffman dies at age 46

Since 2006, Eisner has hosted his personal cable speak show on CNBC, Conversations with Michael Eisner.

Source: History