Story Published:
Mar 3, 2004 at 9:39 PM PST
Story Updated:
Aug 20, 2006 at 9:13 AM PST
PHILADELPHIA - The Walt Disney Company's board has voted
to strip Michael Eisner of his chairman's post while retaining him
as CEO.
The decision came only hours after shareholders delivered
a stinging rebuke by withholding 43 percent of their votes for his
re-election to the board.
Disney directors voted unanimously to split the chairman and
chief executive duties and make board member George Mitchell the
company's new chairman.
At the same time, they voiced their
continuing approval of Eisner's management and the company's
strategy.
The change was effective immediately.
The action curbs Eisner's control of the company and satisfies
the concerns of corporate governance groups who had called for the
change. But it won't satisfy the company's most vocal critics who
have vowed to continue their fight to oust Eisner.