Disney Decision Pleases President of CalPERS

The president of the California Public Employees' Retirement System said he welcomed the decision by Walt Disney Co.'s board to name a successor to Chief Executive Michael Eisner by June.

"I think the Disney board acted properly, and I think June of next year is a reasonable time to complete their search," CalPERS President Sean Harrigan said. The group previously had called for Eisner's resignation.

Harrigan said, however, that CalPERS still had concerns about how the transition of power would occur and Disney's long-term performance. Pension funds also are waiting to see how the board responds to a request to add two independent directors.

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Richard Verrier