Headlines

New Top Mouse

Disney names Iger ceo

Published

19 years ago

March 14, 2005

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Walt Disney Co. (Burbank, Calif.) has promoted Robert Iger to ceo, replacing the embattled Michael Eisner.

Iger, the company's president and chief operating officer, will take over as ceo in October. Iger, 54, is a veteran of Disney's television unit, including the ABC network. ABC has enjoyed a resurgence in recent months, thanks to the successes of such programs as “Lost” and “Desperate Housewives.”

Eisner has held the top job at Disney since 1984, but his reign has been marred in recent years by a falling earnings, a shareholder revolt and fierce corporate infighting. Last year, Disney sold its 313 retail stores in North America to Children's Place Retail Stores Inc. (Seacaucus, N.J.). Children's Place said it planned to invest $100 million in upgrading and expanding the stores, and would continue selling Disney brand merchandise under a royalty agreement.

Disney kept a handful of its U.S. stores as part of its theme-park business, including its flagship store on Fifth Avenue in New York and the one on its studio lot in Burbank.

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