TOP DISNEY EXECUTIVE'S RESIGNATION ANNOUNCED.Byline: Jesse Hiestand Staff Writer BURBANK - Sanford M. ``Sandy'' Litvack, instrumental in helping guide The Walt Disney Co. through recent financial difficulties, will resign his post as vice chairman at year's end, the company announced Thursday. Litvack plans to pursue other opportunities but stay on in a part-time executive role, focusing on legal and governmental affairs, as well as corporate alliances and sports operations, said Disney chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Eisner. ``Sandy's superb knowledge of business and legal affairs has been invaluable during the tremendous growth we experienced over the last decade,'' Eisner said in a statement. ``He is a valued counselor, adviser and friend.'' Litvack's duties will be assigned to other executives, leaving Roy O. Disney Roy Oliver Disney (June 24, 1893–December 20, 1971, aged 78) was, with his younger brother Walt Disney, co-founder of what is now The Walt Disney Company. Roy served as the company's chief executive officer (1929–1971)-though title name wasn't given until 1968-, , nephew of Walt Disney, as the entertainment giant's sole vice chairman. Analysts did not expect Litvack's departure would have much effect on the company's stock. ``His role was more administrative than operational,'' said Jessica Reif- Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. of Merrill Lynch in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . Disney's stock closed Thursday at 39, down $1.31 or 3.26 percent on trading of 5.7 million shares on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . Litvack assumed most of the duties of president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. Frank Wells when Wells died in a helicopter crash in 1994. He joined Disney in early 1991 as senior vice president and general counsel, and held several other positions including chief of corporate operations before being named vice chairman of the board. Former head of the U.S. Department of Justice's antitrust division under the Carter administration, Litvack played a key role in two major Disney ventures - the acquisition of Capital Cities/ABC and the restructuring of Euro Disney. Disney posted strong third-quarter earnings in August, largely on revenue generated by rising attendance at its theme parks and strong advertising on its ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. network, home to the hit ``Who Wants to Be a Millionaire.'' ``I am proud of the growth of the company and my contributions during the years I have been with Disney,'' Litvack said. ``Now I am anxious to take on new challenges, both in the legal and business arenas, as well as serving as a member of other boards of directors.'' He will continue to represent Disney on the Supervisory Board Supervisory board The board of directors that represents stakeholders in the governance of the corporation. of Euro Disney S.C.A. Litvack had been contemplating his resignation for some time, said Disney spokesman John Dreyer. ``He chose this particular time because he feels we now have a terrific management team across the board - corporate and in each of the business units,'' Dreyer said. ``We have returned the economic growth pattern and have plans in place to continue that.'' |
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