Disney Chairman Isn't in the Happiest Place

He didn't want the position. Even in the best of times, the board chairmanship of such an enormous entertainment conglomerate requires long hours and thick skin. He was pushed into the job -- and the spotlight -- after a shareholder revolt last March prompted the board of directors to strip Chief Executive Michael Eisner of his chairmanship. From Day One, it was a job that would try even a diplomat's patience.

Last week it got even harder. With Eisner's announcement that he will retire in 2006, Mitchell must not only help restore stability to a company rocked by controversy but also lead the high-profile search for a new CEO. Along the way, the former U.S. senator and veteran peacemaker is sure to be tested by dissatisfied investors, dissident former board members and, some believe, by Eisner himself.

Mitchell is used to quelling tensions. He is, after all, the man President Clinton once sent to calm the waters in Northern Ireland. But rarely has the popular Maine Democrat, who once was reelected to the Senate with 81% of the vote, found himself accused of being part of the problem, not the solution. Mitchell was stung when the same shareholders who rose up against Eisner also slapped him with a 24% no-confidence vote.

Now the 71-year-old lawyer is faced with a responsibility that could enhance -- or tarnish -- his carefully polished image in both the corporate and political worlds.

"He's got everything to lose and nothing to win," said one longtime Mitchell associate, who spoke on the condition that he not be named. Mitchell is no quitter, the associate said, but "he wants out as soon as he can. It's a totally thankless job."

Mitchell, whose annual compensation package is valued at $500,000, says he can handle it.

"I served for six years as U.S. Senate majority leader. Managing multiple responsibilities isn't a new thing for me," he said Thursday. "I expected [the chairmanship] to be challenging. And it has been."

Among the hard realities he faces is that potential candidates for Eisner's job aren't beating a path to Disney's door, suggesting that an executive search could be a drawn-out affair. Many on the short list of possible successors, including News Corp.'s Peter Chernin and Yahoo Inc.'s Terry Semel, are happy where they are. Some, such as EBay CEO Meg Whitman, have gone out of their way to make clear they have no interest in leading Disney.