Walt Disney Co. directors tapped President Robert Iger on Sunday to succeed Chief Executive Michael Eisner, writing the final chapter for an often stormy 21-year reign during which Disney mushroomed from a moribund studio into a global entertainment giant.
The selection ended a high-profile search for a new leader for the fabled company, which has been under siege by critics who wanted to hasten Eisner's departure. He will remain at the post until Sept. 30. The next day, Iger will take the helm of a conglomerate that includes more than 100,000 employees, a global theme park empire, a library of such classic films as "Snow White and the Seven Dwarfs," sports broadcasting powerhouse ESPN, the ABC network and iconic cartoon character Mickey Mouse.
Eisner will remain on the board of directors until Disney's annual meeting early next year. At that point, he is expected to completely cut his ties to the company he was hired to turn around in 1984.
Under Eisner, Disney grew from $1.5 billion in revenue to more than $30 billion. He himself earned hundreds of millions of dollars in salary, bonuses and stock profits. But his tenure and legacy have been tarnished by widespread criticism of his autocratic management style, his frayed relations with key creative partners and the company's lackluster performance over much of the last decade.
Neither Eisner, 63, nor Iger, 54, was available Sunday to be interviewed. The announcement about Iger's ascension was made in a news release, and the only person to take questions was board Chairman George J. Mitchell, in a conference call with reporters.
Eisner said in a letter to Disney directors that he was ready to "clean off my hiking boots, restock my Mickey Mouse backpack and start surveying some of the other peaks that are on the horizon." In the news release, Iger said it was "truly an honor to be entrusted with the responsibility of guiding this great company that occupies such an important place in the hearts and minds of millions the world over toward a very bright future."
For Iger, the appointment caps a remarkable turnaround. Just one year ago he was viewed as a longshot.
Critics have said that Iger lacked creative vision, faulting his role in overseeing the once-struggling ABC. Many viewed him as damaged goods because of his close ties to Eisner, whom shareholders rebuked last March with a 45% no-confidence vote.
But over the last year, the longtime TV executive's stock has soared.
