CalPERS Issues Statement on Resignation of Disney's Michael Eisner

Business Wire, Sept 10, 2004

SACRAMENTO, Calif. -- Sean Harrigan, President of the California Public Employees' Retirement System (CalPERS) issued the following statement today about the retirement of Michael Eisner, Chief Executive Officer of The Walt Disney Company:

"Eisner's resignation as CEO is the right move for shareowners. We believe he should resign from the board as well. It is not clear to us how a two-year lame duck CEO will benefit shareowners, and his continued presence on the board would prevent the company from the clean break that is needed to restore investor confidence.

On behalf of CalPERS, I want to renew our call for the Disney Board to reveal as soon as possible their CEO succession plan. Working with the coalition of public pension funds on Disney issues, we intend to closely monitor further developments and will continue to engage constructively with the Board of Disney on all the issues related to long-term performance."