March 04, 2004

Eisner Steps Down, (But Not Out)
Eisner was stripped of his Chairman title, but remains CEO of Disney. In light of 42% of shareholdes withholding their votes from Eisner, the Board of Directors made a quick decision to have Mitchell assume the Chairman responsibilities. Mitchell is generally thought of to be one of Eisner's cronies anyway, so this will not change much. This was well played, I hate to admit, because it dilutes his fervent opposition. Sure, the shareholders would unite against Eisner on the board, so he removed himself from it. But he still remains quite influential through Mitchell, who will not face such united opposition from the people.

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