Business - AP
Disney Co. Splits CEO, Chairman Positions
9 minutes ago
By GARY GENTILE, AP Business Writer
PHILADELPHIA - The Walt Disney Co.'s board voted late Wednesday to split the roles of chairman and chief executive, hours after shareholders delivered a stinging rebuke by withholding 43 percent of their votes for CEO Michael Eisner's re-election to the board.
Disney directors voted unanimously to make board member George Mitchell the company's new chairman and voiced their continuing approval of Eisner's management and the company's strategy.
The change is effective immediately.
The board also rejected a renewed overture from cable television giant Comcast Corp., saying it would serve no purpose to reconsider an offer already dismissed as too low.
The move is unlikely to satisfy the company's most vocal critics, ex-board members Stanley Gold and Roy E. Disney, who have vowed to continue their fight to oust Eisner.