Eisner Resigns Early From Disney Board

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Michael Eisner, whose last day as Walt Disney Co. chief executive was Sept. 30, resigned from the board that same day, according to a new regulatory filing from Disney.


“He no longer provides any services for (Disney),” the Burbank-based company said in a Thursday filing with the Securities and Exchange Commission. Eisner, 63, who led nation’s second largest media company for more than 20 years, had been expected to serve out his board term, which expires early next year.


Eisner’s resignation was mentioned at the end of a Disney filing that detailed its 5-year contract with Robert Iger, Disney’s new chief executive. Iger will receive a salary of $2 million a year, plus targeted bonuses of at least $7.25 million. Eisner’s base salary was $1 million, with $7.25 million in bonuses in 2004.


Iger, 54, also will receive a one-time grant of 500,000 performance stock units, which will vest if Disney’s shareholder returns exceed the Standard and Poor’s 500 Index. Shares of Disney, which closed at $24.09 on Thursday, have dropped 13 percent this year.

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