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Disney Names Ex-P&G Chief As New Chairman
NEW YORK -(Dow Jones)- Walt Disney Co. said Thursday that it has named former Procter & Gamble Co. Chairman John E. Pepper Jr. to succeed Sen. George J. Mitchell as nonexecutive chairman effective Jan. 1.
Mitchell was named chairman in 2004. He had planned to retire at the company's 2006 annual meeting, but last December was asked by the board to postpone his plans. With Pepper now named to the post, Mitchell will retire from the board Dec. 31.
Mitchell became chairman after a 2004 shareholder's meeting at which 45% of Disney voting stockholders withheld their votes for the re-election of then Chairman and Chief Executive Michael Eisner.
In a statement Thursday, Disney President and Chief Executive Robert Iger praised Mitchell as an extraordinary leader.
Mitchell said in a statement that the board went through a "thoughtful and deliberate" approach to finding a successor. "With the election of John as Chairman, Disney will benefit from his outstanding leadership skills and unique experience in cultivating global brands," he said.
Alan Gould, an analyst with Natexis Bleichroeder Inc., said Pepper's consumer products background will help him contribute at Disney. Consumer products accounted for 7% of Disney's revenue in the six months ended April 1, and 13% of its segment operating income.
"A large portion of Disney's profit have come from the consumer products," Gould said.
Pepper was one of the most popular executives at Procter & Gamble. One reason: he emphasized career development programs and leadership training, considered soft in the often cut-throat environment at P&G. One of his colleagues referred to him as "Jiminy Pepper," the conscience of the company.
He became chairman and chief executive of Procter & Gamble in 1995 and retired from the company in 2002.
"It's interesting that it's not Steve Jobs," Gould said, referring to the Apple Computer chief executive. Jobs joined Disney's board after the entertainment giant bought his other company, Pixar Animation Studios, for about $7.4 billion in stock.
Shares of Disney closed down 3 cents, or 0.1%, at $29.38 Wednesday. They are up 13.6% over the past year.
-By Dwight Oestricher, Dow Jones Newswires; 201-938-5266;
NEW YORK -(Dow Jones)- Walt Disney Co. said Thursday that it has named former Procter & Gamble Co. Chairman John E. Pepper Jr. to succeed Sen. George J. Mitchell as nonexecutive chairman effective Jan. 1.
Mitchell was named chairman in 2004. He had planned to retire at the company's 2006 annual meeting, but last December was asked by the board to postpone his plans. With Pepper now named to the post, Mitchell will retire from the board Dec. 31.
Mitchell became chairman after a 2004 shareholder's meeting at which 45% of Disney voting stockholders withheld their votes for the re-election of then Chairman and Chief Executive Michael Eisner.
In a statement Thursday, Disney President and Chief Executive Robert Iger praised Mitchell as an extraordinary leader.
Mitchell said in a statement that the board went through a "thoughtful and deliberate" approach to finding a successor. "With the election of John as Chairman, Disney will benefit from his outstanding leadership skills and unique experience in cultivating global brands," he said.
Alan Gould, an analyst with Natexis Bleichroeder Inc., said Pepper's consumer products background will help him contribute at Disney. Consumer products accounted for 7% of Disney's revenue in the six months ended April 1, and 13% of its segment operating income.
"A large portion of Disney's profit have come from the consumer products," Gould said.
Pepper was one of the most popular executives at Procter & Gamble. One reason: he emphasized career development programs and leadership training, considered soft in the often cut-throat environment at P&G. One of his colleagues referred to him as "Jiminy Pepper," the conscience of the company.
He became chairman and chief executive of Procter & Gamble in 1995 and retired from the company in 2002.
"It's interesting that it's not Steve Jobs," Gould said, referring to the Apple Computer chief executive. Jobs joined Disney's board after the entertainment giant bought his other company, Pixar Animation Studios, for about $7.4 billion in stock.
Shares of Disney closed down 3 cents, or 0.1%, at $29.38 Wednesday. They are up 13.6% over the past year.
-By Dwight Oestricher, Dow Jones Newswires; 201-938-5266;
He has been suspiciously silent since his return to the fold, as it were. Both of the people he was after are now gone, or in Mitchells case, has one foot out the door.
