INVESTORS YAWN AT OVITZ EXIT.Byline: Jon Friedman Bloomberg Business News Walt Disney Noun 1. Walt Disney - United States film maker who pioneered animated cartoons and created such characters as Mickey Mouse and Donald Duck; founded Disneyland (1901-1966) Disney, Walter Elias Disney Co. investors don't much care that the entertainment and media giant's No. 2 executive, Michael Ovitz Michael S. Ovitz (b. December 14 1946, Los Angeles, California) is a former talent agent and Hollywood powerhouse who served as the head of the Creative Artists Agency from 1975 to 1995. , is quitting. ``I don't think it is a major event one way or the other,'' said Mark Greenberg, fund manager of Invesco Trust Co. in Denver. ``He was like a minister without portfolio and didn't have a defined role. He couldn't get a movie made, couldn't buy or sell a television station or run an amusement park amusement park, a commercially operated park offering various forms of entertainment, such as arcade games, carousels, roller coasters, and performers, as well as food, drink, and souvenirs. ,'' added Greenberg. ``At a price of 70, we continue to buy the stock,'' said money manager Allan Rudnick, of Kayne Anderson Investment Management, owner of about 800,000 Disney shares. Rudnick said his company expects Disney's shares to be trading in the $90-$100 range during the next few years. Disney, led by Chairman Michael Eisner Michael Dammann Eisner (born March 7, 1942) was CEO of The Walt Disney Company from September 22, 1984 to September 30, 2005. Early life Michael Eisner was born to a wealthy family in Mt. Kisco, New York, and raised on Park Avenue in Manhattan. for 10 years, has been extremely successful during the decade, returning about 24.7 percent a year. By comparison, the Standard & Poor's 500 index returned 15.9 percent a year during that period. The Burbank-based company's stock was unchanged at 70-1/4 on a volume of 1.751 million shares Friday. Investors said they would be relieved to see a No. 2 Disney executive emerge soon. While Eisner returned to work with vigor after a bypass operation, investors want to rest assured that Disney can demonstrate management depth. ``The company needs to have as second-in-command somebody with a strong command of the businesses,'' Greenberg said. ``Eisner is in fine shape now, but you never know; people trip on the stairs or get hit by buses.'' Robert Iger Robert A. "Bob" Iger (born February 10 1951) is head of the Walt Disney Company. He has been president since January 2000 and CEO since October 2005. Early Life Iger was born in Oceanside, New York. , who runs Disney's ABC television ABC Television may refer to:
The succession issue at Disney is complicated by a worry on Wall Street that Eisner may have difficulty retaining high-priced executives. It cost Disney about $95 million to pay Ovitz's severance pay Severance Pay Compensation that an employer gives to someone who is about to lose their job. Notes: Severance pay is not always paid to employees. It depends on the situation in which the employee is losing their job and whether legislation requires severance to be paid. , stock options and other compensation, published reports said. |
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